Des Wilson, corporate and public affairs head at airports operator
BAA, this week defended his company’s investor relations record
following press reports that a member of his team had misled analysts
over a downward revision of profit forecast.
BAA investor relations manager Michael Waring is alleged to have failed
to have given analysts - and, by extension, shareholders - sufficient
warning when he spoke to them last Tuesday that the company was set to
reduce its profit forecast by pounds 30-pounds 45 million the following
Wilson said: ’Michael acted impeccably. He tried to indicate that no one
should be optimistic, but had he warned the analysts, he would have
broken Stock Exchange rules.’ The exchange requires companies to make
financial announcements publicly to avoid insider trading potential.
He added: ’The real question is whether we should have done something
that we didn’t, and the answer is no.’