European manufacturing giant Airbus swung to an operating loss of €510 million in 2020, down from a profit of €1.3 billion the previous year.

At the same time, revenues for the full year at the plane maker fell 29 per cent to €50 billon.

Airbus said there would be no 2020 dividend as a result.

“The 2020 results demonstrate the resilience of Airbus in the most challenging crisis to hit the aerospace industry,” said Airbus chief executive, Guillaume Faury.

“Many uncertainties remain for our industry in 2021 as the pandemic continues to impact lives, economies and societies.

“We have issued guidance to provide some visibility in a volatile environment.

“Over the longer term, our ambition is to lead the development of a sustainable global aerospace industry.”

A total of 566 commercial aircraft were delivered last year, down from 863 planes in 2019.

Net commercial aircraft orders at Airbus totalled 268 last year, down from 768 aircraft in 2019, while the order backlog stood at 7,184 commercial aircraft at the end of December.

Assuming no further disruptions to the global economy and aviation, Airbus said it expected to deliver the same number of commercial aircraft in 2021 as last year.

The company also targeted an adjusted operating profit of €2 billion for 2021.