BA owner IAG gives positive 2024 outlook on sustained travel demand

Credit: REUTERS/HANNAH MCKAY

By Joanna Plucinska

LONDON, Feb 29 (Reuters) - British Airways owner IAG ICAG.L more than doubled full-year operating profit in line with expectations and gave a positive outlook for 2024 on the back of sustained travel demand.

European airlines have so far reported strong summer forward bookings as they benefit from a continuing post-pandemic travel boom, but concerns over high jet fuel prices and geopolitical uncertainty have weighed on outlooks.

"In 2023 IAG more than doubled its operating margin and profit compared to 2022, generated excellent free cash flow and strengthened its balance sheet position," Chief Executive Luis Gallego said in a statement after Thursday's results.

Operating profit was 3.5 billion euros ($3.8 billion), up from 1.22 billion euros in 2022.

IAG's debt, which has been a concern to investors and has weighed on its shares, dropped to 9.2 billion euros from to 10.4 billion euros.

($1 = 0.9230 euros)

(Reporting by Joanna Plucinska Editing by David Goodman)

((Joanna.Plucinska@thomsonreuters.com; 00447721669853; Reuters Messaging: @joannaplucinska))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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