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?
Full year Heathrow passenger figures for 2022
We now have the final passenger number figures for Heathrow in 2022. How did they compare to forecasts and what might be achieved in 2023?
How comparable are aircraft ownership and maintenance costs across airlines?
We often see big differences in aircraft ownership and maintenance costs between airlines. How much of this is driven by different accounting policies and by choices about how to finance the aircraft?
End of year review
A look back on the aviation industry in 2022 and some speculations about next year.
Assessing Q3 performance from the European LCCs
Ryanair reported bumper profits of €1.4 billion for its September quarter yesterday. How well did its results stack up against the other European low-cost airlines?
European airline groups back to profit in Q3
The big three European network airlines groups reported their first solid profits for three years in the third quarter. Which of their airline brands are doing the best?
Heathrow: the hedge fund with an airport attached
Heathrow's results for the 9 months ending September 2022 showed a profit before tax of £643m. But the management preferred to focus on the "adjusted" loss before tax of £442m. So is the airport making lots of money, or is it heavily loss-making? I took a look.
Heathrow: taking stock after the pandemic
What kind of shape is Western Europe's biggest hub in as it emerges from the pandemic? Was it a relative winner, or a loser? And what are the prospects now of proceeding with the long-delayed third runway project?
Normalising Q2 results for fuel and emissions hedging
Fuel hedging policies had a dramatic impact on Q2 airline results in Europe. Which airlines delivered the best results? And how much of that was down to hedging policies?
Massive losses at Wizz
All three of the big European low-cost airlines reported their June quarter results this week. Despite the company's attempts to present a positive picture, the figures from Wizz were truly awful.
The impact of higher fuel and emissions costs on air fares and demand
Will higher fuel and emissions costs be passed on to customers in higher fares? If so, what will be the consequences for demand, capacity and market share?
Drowning in money
How much money did private testing suppliers make from COVID? Recently released results from market leader Randox provide some clues.
Lies, damn lies and statistics
Ryanair and Wizz claim to have “industry leading” seat factors. Is that really the case, or is it just down to differences in the way they report the figures?
Qatar Airways returns to profit
Qatar Airways surprised many people by reporting a $1.55 billion pre-tax profit for their financial year ending in March 2022. With almost every airline in the world recording losses due to the pandemic, how did they do it?
A performance comparison of the European LCCs
Back in 2020, I analysed the relative performance of the three big European low-cost carriers in the final 12 months before the pandemic hit. With all three having now reported figures up to March 2022, I revisited my analysis to see what had changed.