A comparison of European airline results for 2023
We are now far enough into 2024 to have a pretty complete picture of European airline performance in 2023. Overall, it was a year of record profitability, much needed after the financial ravages of the pandemic. But which airline brands performed best?
IAG’s full year results for 2023
IAG has just announced its full year results for 2023. Both the €3.5 billion operating profit and the €3.1 billion pre-tax profit were all-time records. How did the figures compare to what I'd been expecting?
Heathrow Results for 2023
Heathrow pitched its results for 2023 as “barely profitable”. Last year, I predicted a bumper set of results due to an overly generous CAA interim settlement and a strong passenger recovery. Which version of the truth better reflects reality?
End of year review for 2023
A look back at the events of 2023 in European aviation and a few thoughts about 2024.
Comparing the balance sheets of IAG and Air France - KLM
Both IAG and AF-KLM are focusing on improving their balance sheets, after the ravages of COVID. Which company has the most work to do?
More record profits at IAG in Q3
Q3 pre-tax profits at IAG of €1.7 billion set a new record for a single quarter. But the company’s share price remains mired in the doldrums. What is going on?
European consolidation nears the end game
With European airlines making record profits, the big players are back on the acquisition trail. How close are we to the end of consolidation process in Europe? And which airlines are still in play?
Record second quarter results at IAG
IAG posted a record-breaking set of results for Q2, confirming the strength of the profit recovery on the back of very strong unit revenues. What do the results imply about the outlook for the full year?
A roundup of post-pandemic European airline results
The year to March 2023 is the first relatively "clean" twelve month period since the pandemic. Now that we have the numbers from all the big players, what do they tell us about who has emerged as the biggest, and who is doing the best?
Lufthansa’s Italian Adventure
Lufthansa Group has finally reached agreement with the Italian state to acquire ITA, the company formed to take over many of the assets of the now defunct Alitalia. I took a look at how the deal is structured and what we know or can guess about their plans for the business.
American Airlines’ and Jet Blue’s Northeast Alliance gets shot down in flames
The Department of Justice landed a resounding victory in Court in its challenge of the 2020 alliance deal between American Airlines and Jet Blue. For those who don't have time to read the 94 page verdict, I've attempted to pick out the highlights.
March quarter results from Ryanair and EasyJet
Results from Ryanair today and EasyJet last week rounded out the figures for Europe's biggest airline companies. As the first clear twelve month period "post pandemic", what did they reveal about the state of play in Europe's airline industry?
Another £342m of pre-tax losses at Virgin
Virgin Atlantic reported its sixth straight year of losses in 2022. How did the £342m pre tax loss compare to rival BA? And how well is Virgin set up to achieve its goal of delivering sustainable profitability in the future?
IAG surprises the market (and itself) with positive Q1 results
IAG beat their own guidance for first quarter 2023 operating profits by more than €200m. Whilst the shares edged higher in response, market reaction was muted as management seems strangely reluctant to talk positively about the outlook for the full year.
The economics of IAG’s loyalty programme
IAG's loyalty subsidiary celebrated a record-breaking year in 2022, with revenues and profits bouncing back strongly. With activity levels still below pre-pandemic levels, how did the company achieve profits 55% higher than 2019?
Comparing European airline cargo results for 2022
The cargo divisions of airlines are usually overshadowed by their more glamorous colleagues in the passenger business. But as European airlines continue to report record cargo profits, I decided to take a look at how the big three groups did in 2022.
Heathrow’s 2022 results
Heathrow airport recently published its full year results for 2022. On an unadjusted basis, it was the first full year profit since 2019. But the airport preferred to highlight an adjusted loss before tax of £684m, mindful of its ongoing row with its regulator the CAA about airport charges. How did the results stack up against pre-pandemic levels? And what might the CAA’s new charges mean for future profitability?
Heathrow charges to fall by almost 20% in 2024
Heathrow airport’s regulator, the CAA, finally published its decision on charges for the next three years. Charges are set to fall by almost 20% next year as passenger volumes recover. I took a look at some of assumptions behind the headline figures.
IAG full year results
IAG reported its first full year profit for three years last week, with operating profits of €1.2 billion and a pre-tax profit of €415m. How did the results compare to European peers? Which airlines within the group did best? And what other interesting nuggets of information were buried in the small print?
Ryanair’s aircraft cost advantage
How much does Ryanair pay for its aircraft? And can it maintain the cost advantage its past deals have given it going forward?