The owner of British Airways has bounced back after pandemic restrictions on the back of higher fares and pent-up demand.
International Airlines Group reported pre-tax profits of £366million for the year to the end of December.
This compared with a £3billion loss during the pandemic.
Operating profits lifted £1billion from a £2.4billion loss in 2021.
IAG said that profits could double this year to £2billion on the back of bumper bookings.
The airline has increased fares by 11 per cent already and passengers could be hit by even higher prices as IAG passes on hefty increases in its fuel bills.
The group follows Easyjet, Jet2 and Ryanair in reporting healthy bookings last month despite the cost of living crisis as people remain willing to spend more on holidays.
Households are expected to find the cash to pay out £1,851 on getting away this year.
IAG chief Luis Gallego yesterday risked another row with Heathrow by saying that he was “worried” about whether the busy West London airport was sufficiently prepared for the summer influx.
Last year, a shortage of staff caused Heathrow to implement flight caps which led to thousands of trips being cancelled.
Kit jobs axe
MEAL kit business Gousto has cut about 14 per cent of its workforce and put a hiring freeze in place.
The healthy meals company axed fewer than 100 jobs according to Sky News.
The firm recently raised another £50million to fund growth but had to lower its valuation substantially.
UK high hope
CONSUMER confidence hit its highest level in almost a year in February, according to a survey.
Research group GFK found more people were optimistic about the economy. GfK’s confidence index rose from -43 to -38 this month. It is still low but suggests Brits have been more resilient than feared.
Good week
NEW Rolls-Royce chief Tufan Erginbilgic, who got an early headstart on his turnaround plans after shares surged more than a quarter on the back of strong results.
Bad week
ROYAL MAIL boss Simon Thompson, who endured a second testy grilling by MPs this week and had to admit that posties were monitored on their delivery rounds.