Picture credit: Nick Morrish
First half revenue was €566 million, down from €603 million in the first half of 2023, while second quarter revenue was up 1.1% to €283 million.
Cargo tonne kilometres (CTK) were up 11.7% to 2.48 million and sold cargo tonnes were up 7.8% to 317,000 tonnes.
Cargo revenue per CTK was down 16% to €22.78 in the first half and 12.4% in the second quarter to €22.32.
David Shepherd, CEO of IAG Cargo, says, “We achieved solid results with year-on-year volume growth in a global market characterised by less supply chain constraint than we experienced last year. This positive momentum is a testament to our strategic investments across our business, which are already delivering substantial value, choice and flexibility for our customers.”
IAG Cargo has been digitally transforming its business by joining the IATA Digital Charter and signing up to the IATA ONE Record protocol to streamline data exchange and increase transparency within the air cargo supply chain.
Shepherd says IAG Cargo is expanding its IT and digital team, saying, “Our new pricing system is providing greater agility in offering market-relevant rates to our customers, while the implementation of a cutting-edge AI-powered camera solution at our London Heathrow hub is optimising efficiency in cargo loading planning and ultimately improving customer CiQ quality.”
IAG Cargo has invested in its facilities by spending €1.5 million expanding its temperature-controlled perishables facility in Madrid during the second quarter, which is part of a €12 million investment in the hub.
Shepherd says, “Our investments in digital capabilities, network reach, state-of-the-art facilities, and most importantly, our people, are laying the foundation for sustained growth and a stronger future for IAG Cargo.”