BUA had recorded its first-ever loss in 1965, mainly as a result of the high depreciation charges its newly acquired jet fleet incurred and substantial losses the ex-BOAC South American routes generated. Over the following two years, the airline's financial situation rapidly deteriorated. In 1966, the loss amounted to £250,000. The following year it almost doubled. Preliminary loss projections released during summer 1967 had shown that a continuation of this trend would produce a negative result of more than £1 million in 1968 and an even higher deficit the year after. This scenario undermined the board's case for additional shareholder funds to finance the purchase of new long-haul jet equipment to replace the remaining Britannias and caused growing anxiety among shareholders, who threatened to withdraw their support unless there was a marked improvement in the airline's long-term prospects.