IAG release Q1 results for 2024

IAG Group's first quarter (Q1) results for 2024 show an increase in passengers and a reduction in net debt, as well as an increase in operating profit before exceptional items. IAG profits rose from €9 million in Q1 2023 to €68 million  alongside a 8.6% increase in passengers. Passengers traffic was split mainly between IAG's three largest airlines.  Aer Lingus saw an increase of 5.5% passengers compared to a 9.6% increase for British Airways (BA) and a 9.5% increase for Iberia. The increase in passenger revenue of €591 million, or 11.7% ahead of the prior year quarter, was ahead of the increase in passenger capacity of 7.0%, driven by higher yields, measured as passenger revenue per revenue passenger kilometre (RPK), up 2.4%, together with higher passenger load factors, with the Group passenger load factor 1.6 points higher than the prior year quarter. Passenger unit revenue, measured as passenger revenue per ASK, rose 4.4%; at constant currency, passenger unit revenue increased by 4.0%. The group increased capacity for the North Atlantic region by 0.6% in the first quarter, with incremental growth at Aer Lingus, British Airways and Iberia. Unit revenue increased by 6.5% with demand in both the business and leisure segments. IAG also saw net debt reduce from €9.2bn (as of 31 December, 2024) to €7.4bn. ""Our transformation initiatives and increased demand, including over the Easter holidays, have delivered another very good set of results with improvements to both revenue and operating profit,"" said Luis Gallego, IAG Chief Executive Officer. ""Our Group benefits from the strength of our core markets - North Atlantic, South Atlantic and intra-Europe - and the performance of our brands. Investment across the Group in transformation is delivering encouraging improvements in punctuality and customer experience at our airlines. IAG Loyalty continues to perform very well. ""We are well-positioned for the summer. The high demand for travel is a continuing trend."" Total revenue for IAG increased €540 million versus 2023, driven by the increase in passenger traffic and yields, partially offset by a reduction in cargo revenue and a small reduction in other revenues. Total operating expenditure rose from €5,880 million in 2023 to €6,361 million in 2024, an increase of 8.2%, linked to the higher volume of flights, lower fuel unit costs and an increase in non-fuel unit costs, which increased by 3.7% versus the first quarter of 2023. During the reporting period, the Group took delivery of four aircraft, all of which were financed, including two A320ceo aircraft for Vueling to provide backfill for additional aircraft maintenance requirements linked to Pratt and Whitney 'GTF' engines. The Group also financed two aircraft delivered in 2023, an A321neo (for British Airways) and an A350-900 (for Iberia).