Profits soar for British Airways owner IAG

Also announced a €500m share-buyback program

British Airways owner International Airlines Group (IAG) has posted a rise in profits over 2017 and also announced a €500m (£441m) share-buyback program.

For the year to the end of December, the group posted a fourth quarter operating profit of €585m (£516m) — a climb of 12.7 per cent— while its passenger revenue rose 1.6 per cent compared with the previous year. Total revenue jumped up 1.8 per cent to €22.97bn.

IAG also declared a dividend of 14.5 European cents a share.

Boss Willie Walsh said: “All our airlines performed extremely well with their best-ever individual financial results, strong operational performances and commitment to customer service.”

The airline, which also owns Iberia, Vueling and Aer Lingus, has benefited from the shake-up among European carriers and rising fares.

Last year was particularly tough for the airline after IAG suffered a major IT collapse which stranded 75,000 passengers and cost the group around £75m.

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