IAG hails jump in first half profit

Group revenue was up 8% for the January-June period year-on-year.

For the second quarter specifically, it increased 6.8% to €8.86 billion.

This ‘reflects strong demand for our network and brands,’ it said.

IAG also owns Vueling and Irish airline Aer Lingus.

“Our strong performance reflects the resilience of demand for travel,” IAG chief executive Luis Gallego said.

“We continue to benefit from the trend of a structural shift in consumer spending towards travel.”

IAG is upbeat on ‘delivering good earnings growth’ for the full year, despite the ‘geopolitical and macroeconomic backdrop.’

Looking ahead, IAG said it is 57% booked for the second half of the year.

“Demand in our core markets of North Atlantic, Latin America and Europe is robust, with strength in our premium cabin partially mitigating some softness in US point-of-sale economy leisure.”