What's happened
International Airlines Group (IAG), the owner of British Airways, has announced record profits for 2023, driven by strong demand for leisure travel and premium seats.
Why it matters
The surge in profits reflects the recovery of the travel industry from the pandemic and the sustained demand for leisure travel, indicating a positive outlook for the aviation sector.
What the papers say
The Guardian emphasizes the sustained demand for leisure flights, while The Independent highlights the surge in sales and profits despite the UK's recent recession. The Times provides a comprehensive overview of IAG's financial performance and its position in the aviation industry.
How we got here
The aviation industry has been gradually recovering from the impact of the pandemic, with IAG's strong financial performance indicating a positive trend in travel demand.
More on these topics
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International Consolidated Airlines Group S.A., often shortened to IAG, is an Anglo-Spanish multinational airline holding company with its registered office in Madrid, Spain, and its operational headquarters in London, England.
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British Airways is the flag carrier airline of the United Kingdom, headquartered in London, England, near its main hub at Heathrow Airport. It is the second largest airline in the United Kingdom, based on fleet size and passengers carried, behind easyJet.
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Heathrow Airport, originally called London Airport and now known as London Heathrow, is a major international airport in London, United Kingdom.
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Luis Gallego MartÃn is a Spanish engineer and businessman who succeeded Willie Walsh as the chief executive officer of International Airlines Group in 2020. He is the former CEO of Iberia.
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Ryanair DAC is an Irish budget airline founded in 1984, headquartered in Swords, Dublin, with its primary operational bases at Dublin and London Stansted airports.