The European Airbus consortium has reported a record year, with deliveries of new aircraft in 1997 up by 50% over the previous year and turnover up by a third.

The company also announced record orders and commitments for 671 planes.

It said it would be increasing its production by 30% to deliver 235 aircraft this year.

The company reported a turnover of £7.25bn in 1997.

"We are now well on course to achieving our objective of a consistent 50 percent market share early in the next century," said Airbus managing director Jean Pierson.

Boeing delivered 276 aircraft despite a month-long shutdown

Airbus is aiming to grab a half share of the world market from its major competitor, Boeing, to ensure it has a critical mass and credibility with airlines and bankers.

Airbus is a consortium made up of French state-owned Aerospatiale, British Aerospace Plc, Daimler-Benz Aerospace, a unit of Daimler-Benz AG and Construcciones Aeronauticas SA (CASA) of Spain.

The consortium partners are working on a plan to convert Airbus into a joint stock company in order to compete more effectively against Boeing, which merged with military and civil plane maker McDonnell Douglas last summer.

Boeing, delivered 276 commercial aircraft as of November 30th 1997, up 25.4% on 1996, despite a month-long shutdown in October.

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