IAG Cargo has posted first quarter revenue of €432m due to strong demand and Covid restrictions being lifted.
The first quarter results were up 23.4% on the same time last year and follow a record year for IAG Cargo in 2021.
Sold tonnage was up 19% due to high demand between Europe and the USA for key industrial goods such as automotive parts.
E-commerce volumes going to North America have been strong and revenue for Constant Fresh, IAG Cargo’s product for perishable shipments, grew 47% in Q1.
IAG Cargo added capacity by using wide-body aircraft on European feeder lanes into London’s Heathrow Airport.
As Covid restrictions eased, passengers started flying again and IAG Cargo reopened route and increased capacity including restarting services to Australia.
David Shepherd, Managing Director of IAG Cargo says: “IAG Cargo has had another busy quarter. The global economy is increasingly moving on from the confines of the Covid-19 pandemic. Trade and confidence are clearly increasing. At IAG Cargo we are seeing trends that first emerged during the pandemic continue to drive growth, with e-commerce as a stand-out example.”