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IAG Cargo 2018 full year financial results

IAG Cargo has today announced its 2018 full year results, reporting commercial revenues of €1,173m over the period from January 1 to December 31, 2018, an increase of 7.2 per cent on 2017 at constant currency.

Overall yield for the year was up 8.1 per cent at constant currency. Sold tonnes were up 0.2 per cent and CTK volumes were down 0.9 per cent whilst capacity grew by 3.8 per cent.

Lynne Embleton, CEO at IAG Cargo, commented:

“2018 saw our business delivering record revenues in a market that became more challenging as the year went on. Growth in our Constant Climate and Critical products contributed to a notable year for the business and helped differentiate IAG Cargo’s customer offering.

“Revenues from our Constant Climate product have increased by 9%, and we have invested in a new multi-million-euro Good Distribution Practice certified Constant Climate Centre in Madrid to help meet growing demand for pharmaceutical shipments, in particular to the South American market. The importance of our Constant Climate service was highlighted in August when we transported over 5.3 tonnes of the diphtheria vaccine to Venezuela to fight an outbreak of the disease.

“In July we launched a new Critical Service Centre with a specialised customer service team dedicated to serving customers of our highest priority, non-off-loadable product. Our Critical consignment count grew by 35%, supporting must-fly shipments of products including aerospace and machinery parts, in-demand retail products, and technology components.

“Our 2018 global rebrand brought our carriers together under one brand, highlighting the strength of our network with 350+ destinations. Our network grew capacity on key routings into Latin America as well as adding a new destination between London and Nashville. The strong growth across our hubs was supported by additional Aer Lingus capacity out of Dublin, carrying pharmaceuticals, automotive and aviation parts, and a popular local beer.

“We continue to focus on innovation to provide the best customer service and improve how air cargo works. IAG Cargo undertook the first airside trial of an autonomous vehicle at a UK airport this year, and as part of the Hangar 51 global innovation programme, we have been working alongside three innovative start-ups to trial new technologies to improve our operations.

“We have also invested heavily in IAGCargo.com, with a significant increase in online bookings and the addition of a new in-house web development team that works closely with customers to make monthly improvements to our website. Our FORWARD.REWARDS programme helped us substantially grow our SME revenue, and membership continues to grow to nearly 1500 members worldwide.

“2019 looks set to be a more challenging year, with airfreight capacity growth outpacing growth in demand. Our focus on customer service, products and technology will allow us to continue developing our business as we seek to become the carrier of choice for customers worldwide.”

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