Aer Lingus lands profit of €225m in 2023

Friday, March 1, 2024

Aer Lingus posted an operating profit of €225 million in 2023, marking a significant €168 million surge from the previous year.

The robust financial performance for 2023 was fueled by strong demand for leisure travel across both short and long-haul routes. Despite challenges, including the lingering effects of the pandemic, Aer Lingus successfully served 10.7 million passengers during the year. Notably, the airline expanded its North American network to its largest-ever size and bolstered its offerings with additional routes and capacity to European destinations from Ireland. While business travel remained below pre-Covid levels, there are indications of a gradual recovery as of early 2024. However, the financial achievements of 2023 still fall short of the profitability and margin levels seen in 2019, largely due to increased operating costs.

In line with its commitment to sustainability, Aer Lingus made strides in 2023 by introducing two Airbus 320 neo aircraft, which boast the lowest emissions per seat on the airline’s short-haul network. Moreover, the company procured its initial supply of Sustainable Aviation Fuel (SAF) amounting to 750 tonnes at London Heathrow, with a goal to incorporate 10% SAF usage by 2030. Demonstrating its dedication to growth and innovation, Aer Lingus allocated over €306 million in investments throughout 2023, spanning new fleet acquisitions, enhancements to customer experience, technological advancements, and other operational initiatives. This commitment also translated into the addition of nearly 900 new personnel to the airline’s workforce.

Aer Lingus’s CEO, Lynne Embleton said, “These results put Aer Lingus on the right trajectory for the future. We have a compelling growth strategy for Aer Lingus that will be good for the company, our employees, our customers and for Ireland. However, achieving it is dependent on having the right cost base and productivity levels and not being constrained by the unnecessary passenger cap issue. These challenges will need to be resolved by a collaborative and sensible approach by all stakeholders that delivers the right outcomes”.

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