before exceptional items of 754 million euros, Chief Executive Luis Gallego said a strong recovery, particularly in business and premium leisure travel, would put the company in the black for the year. Still, dark clouds overshadow his optimism. An 8% fall in IAG shares on Friday morning means the stock is 70% below its pre-Covid-19 levels.
Gallego reckons the 7 billion pound group will have restored 90% of its pre-pandemic schedule by September. Average seat prices are also climbing – revenue for every passenger kilometre flown rose 12% compared to a year ago, thanks to well-heeled flyers. But in addition to high jet fuel prices, IAG now has to contend with a sharp slowdown in the UK economy. Business travel budgets are likely to be on shaky ground.
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