British Airways owner returns to annual profit for first time since pandemic

International Airlines Group, the owner of British Airways, has returned to annual profit for the first time since the start of the pandemic but warned a surge in demand for flying could lead to more disruption at Heathrow airport. IAG on Friday put two years and €10bn of losses behind it as the group reported an operating profit of E1.3b for 2022, following a E2.8b loss in 2021. The Anglo-Spanish company, which is also home to carriers including Iberia and Aer Lingus, forecast profits this year will climb to between E1.8b and E2.3b. But IAG CE Luis Gallego warned the travel recovery could be marred by more disruption at London’s Heathrow airport this summer. “We are worried about Heathrow. We have very strong demand and we hope that Heathrow is going to put in the resources necessary for the capacity we are going to fly,” he said. Gallego and BA boss Sean Doyle said they were concerned that Heathrow’s passenger forecasts could underestimate demand this summer, and called on all companies working at the airport to ensure they were properly resourced. No senior aviation bosses anticipate disruption on the scale seen last year, but there are worries about resourcing at peak periods in hub airports. Heathrow CE John Holland-Kaye has said he expects to avoid major disruption, and that staff numbers across the airport will be above 2019 levels by the peak of the summer. IAG is the latest leading global airline to enjoy a notable revival in its fortunes, as consumers’ appetite for travel rebounds following the end of most of the restrictions introduced to control the Covid-19 pandemic. Like many of its rivals, Gallego said IAG had reported “robust” bookings for travel this year, while business travel was “steadily improving”. But Gallego added that he “remained conscious of global macroeconomic uncertainties”.<br/>