British Airways owner IAG sees record profits as air travel recovers

IAG chief govt Luis Gallego stated the group’s capability was now near pre-pandemic ranges in most of its predominant markets.

Complete revenues on the group rose to €29.4bn (£25bn), up from €23bn in 2022.

Demand for flights continues to be “sturdy”, IAG stated, particularly for leisure journey. The group stated its flights have been 92% booked for the primary three months of 2024 and 62% booked for the primary half of the 12 months, which is a stronger place than it was a 12 months earlier.

Nevertheless, IAG stated dangers remained, together with the impression of upper inflation and rates of interest, increased prices and the potential impression of ongoing conflicts in varied areas.

In a name with reporters, Mr Gallego stated the airline group had seen little impression from the sluggishness within the UK economic system, with client demand persevering with “to be very robust, notably in leisure”.

There was no touch upon whether or not air fares would rise this 12 months, with the IAG boss saying they’d be “decided by the market”.

IAG stated it might be investing in 178 new plane between 2023 and 2028, which might be “20% extra fuel-efficient than the earlier era and considerably quieter”.

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