Iag's strategic plan for recovery
New strategy announced in November, but British Airways knot must be solved first
The aviation group International Airlines Group (Iag)-which controls major air carriers such as British Airways and Spain's Iberia and Vueling-is preparing to launch a new strategic plan that it could present to analysts as early as November. At the moment there are two knots to untangle before presenting the document: the situation of the British flag carrier and the outlook after the summer period.
The company has transformed its "business to reach its full potential; this has resulted in a comprehensive plan that will prepare the group for the future after Covid", Iag holding company CEO Luis Gallego explained in recent days at a meeting with shareholders.
The group's plan aims to expand its traditional passenger-transport business to boost other segments such as cargo, loyalty and technology, thereby gaining market share over its rivals.
However, British Airways will not be able to offer as much support as it would like at the moment: it is reporting losses of 500 million Euros in the first quarter of 2022 and has had to cancel 10 percent of its planned summer routes. However, the airline accounts for 60 percent of the Iag group's ticket revenues and expects to overcome the problems by the end of the year. So the group waits and in the meantime looks at investments on new aircraft and interim goals to achieve decarbonization of the industry in 2050.
AVIONEWS - World Aeronautical Press Agency