RE: Topped up10 Feb 2023 11:08
Last financial update :
Luis Gallego, IAG Chief Executive Officer, said:
“We achieved another strong performance in the third quarter, with an operating profit of €1.2 billion and liquidity of over
€13 billion. All our airlines were significantly profitable and we are continuing to see strong passenger demand, while capacity
and load factors recover.
“Leisure demand is particularly healthy and leisure revenue has recovered to pre-pandemic levels. Business travel continues
to recover steadily.
“I would like to thank our employees across the Group for their hard work which has been key to our recovery. This strong
trading performance allows us to continue to invest in our customers, our people and our industry-leading sustainability
agenda.
“We’re pleased that our shareholders have recently approved the acquisition of 87 new shorthaul aircraft that will bring us
long-term cost savings, lower carbon emissions as well as an improved customer experience.
“While demand remains strong, we are conscious of the uncertainties in the economic outlook and the ongoing pressures
on households. Against this backdrop, we are focused on adapting our operations to meet demand, strengthening our
balance sheet by re-building our profitability and cashflows and capitalising on our high level of liquidity. This will allow us
to allocate capital while investing in a disciplined way in our service and our people, to build capacity and enable future
growth.
“As we build back our operational resilience, we are confident in our strengths as a Group: first, a portfolio of leading airline
brands; second, leading positions in our key markets and hubs; and third, the flexibility afforded by IAG to drive operational
efficiency and innovation. These will enable us to return to pre-COVID levels of profit and generate long-term value for all
our stakeholders.
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