IAG Cargo reports €1,084m in revenues for 2017, focus is on digital and technology
February 23, 2018: IAG Cargo has today announced its 2017 full year results, reporting commercial revenues of €1,084m over the period from January 1 to December 31, 2017, an increase of 8 percent on 2017 at constant exchange.
Overall yield for the year was up 2.2 percent at constant exchange. Volumes were up 5.6 per cent, while capacity grew by 4.8 percent.
Commenting on the financial numbers Lynne Embleton, CEO at IAG Cargo, said: “The market improved throughout the year, culminating in a very strong fourth quarter. We handled large volumes across each of our hubs and demand for our premium products was particularly high."
“Our non-off-loadable Critical product saw sustained growth over the year and was the preferred method of shipment for a huge variety of goods ranging from oil and gas equipment to spices and dried fruit in the run up to the festive period," Embleton added. Critical was launched in October 2016 to provide the air freight market with an emergency product that ensures critical shipments are both intensely monitored and guaranteed to fly.
Building on the early success of Critical, IAG Cargo launched Constant Climate Critical in July last year, extending its most urgent, time-sensitive product to the pharmaceutical sector. "Constant Climate Critical has enabled thousands of emergency medical shipments, including vital vaccines and lifesaving medicines, to reach their destination in the swiftest and most secure way," said Embleton.
“In parallel with product innovation we have continued our customer focus. The launch of FWD.Rewards in May 2017 saw us pioneer a loyalty programme that rewards small and medium sized freight forwarders through points that are redeemable against flights, hotels and cargo credit." Nine months on from its launch, the loyalty programme has more than 1,000 customers participating in the scheme.
Embleton says as 2018 progresses, the emphasis is on digital, technology and investment for growth. "These will be key as we continue to focus on delivering the best possible service for all of our customers."
IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011. Following the integration of additional airlines into the business, including Aer Lingus, Vueling and bmi, IAG Cargo now covers a global network of over 350 destinations. It has a combined workforce of more than 2470 people.