Profits at Aer Lingus surge to €225m following strong demand for travel

Profits at the airline jumped €168m from the prior year.

However, Aer Lingus pointed out that its financial performance last year is not yet at levels of profitability and margin recorded before the pandemic as a result of higher operating costs today.

The airline served around 10.7 million passengers across the year. It also operated its largest-ever North American network, while routes and capacity increased to European destinations from Ireland.

Business travel last year remained behind levels recorded before the pandemic but the airline indicated that it is noting improvements so far this year.

Aer Lingus received two Airbus 320 neo aircraft last year, while it also committed over €306m in 2023 to investment in new fleet, technology, customer experience and other operation areas.

Employee numbers also increased by 900 in 2023, according to the airline.

Chief executive Lynne Embleton said that the airline has a “compelling” growth strategy.

“However, achieving it is dependent on having the right cost base and productivity levels and not being constrained by the unnecessary passenger cap issue,” she added.

There is currently a cap on passengers at Dublin Airport of 32 million a year.

“These challenges will need to be resolved by a collaborative and sensible approach by all stakeholders that delivers the right outcomes,” she concluded.

Aer Lingus’ parent company IAG reported operating profit of €3.5bn last year, ahead of both 2022 and 2019 levels.

Total revenue at IAG was €29.5bn for the year as demand for travel, particularly leisure travel, remained high.