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Avios facts and figures from the 2024 IAG results

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IAG, parent company of British Airways, Iberia and Avios Group amongst other subsidiaries, published its 2024 financial results yesterday.

Avios Group racked up another exceptional year, with underlying profits increasing to £420 million from £367 million. This now includes British Airways Holidays which has been moved out of – technically, purchased from – the airline and into Avios Group.

The operating margin is 17.3%, which is impressive given the dilution brought with the Holidays arm. There are some serious issues relating to VAT payments (or the lack of them) which we will look at separately.

Rather than dig through the details, I thought I’d share three infographics published by the group (click to enlarge):

This is impressive growth. I don’t know how Avios issuance from Finnair and Qatar Airways is treated, so I don’t know how much of this change (if any) is from Finnair adopting Avios during 2024.

Looking at redemptions:

This is also up sharply. The pace of earning (up 24%) is higher than the pace of spending (up 20%) which is clearly inflationary.

That said, British Airways is still running below 2019 levels in terms of passenger capacity. The influx of new long haul aircraft from 2026, or whenever Boeing finally gets the 77X airborne, will help here. BA seat capacity only rose 1% in 2024 and didn’t stop a 20% rise in redemptions.

In terms of The Wine Flyer:

Leaving aside any thoughts about who would spend £11,000 at The Wine Flyer, it is worth noting that the 464 million Avios redeemed only represents 13 hours of Avios issuance. It’s a drop in the ocean of Avios outstanding.

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How to earn Avios from UK credit cards

How to earn Avios from UK credit cards (March 2025)

As a reminder, there are various ways of earning Avios points from UK credit cards.  Many cards also have generous sign-up bonuses!

In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

Barclaycard Avios Plus card

Barclaycard Avios Plus Mastercard

Get 25,000 Avios for signing up and an upgrade voucher at £10,000 Read our full review

Barclaycard Avios card

Barclaycard Avios Mastercard

Get 5,000 Avios for signing up and an upgrade voucher at £20,000 Read our full review

There are two official British Airways American Express cards with attractive sign-up bonuses:

British Airways American Express Premium Plus

30,000 Avios and the famous annual 2-4-1 voucher Read our full review

British Airways American Express

5,000 Avios for signing up and an Economy 2-4-1 voucher for spending £15,000 Read our full review

You can also get generous sign-up bonuses by applying for American Express cards which earn Membership Rewards points. These points convert at 1:1 into Avios.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on the ‘free for a year’ American Express Preferred Rewards Gold card is increased from 20,000 Membership Rewards points to 30,000 points. Points convert 1:1 into Avios (30,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

SPECIAL OFFER: Until 27th May 2025, the sign-up bonus on American Express Platinum is increased from 50,000 Membership Rewards points to a huge 80,000 points. Points convert 1:1 into Avios (80,000 Avios!) and many other programmes. Some people may see even higher personalised offers. Click here to apply.

American Express Preferred Rewards Gold

Your best beginner’s card – 30,000 points, FREE for a year & four airport lounge passes Read our full review

The Platinum Card from American Express

80,000 bonus points and great travel benefits – for a large fee Read our full review

Run your own business?

We recommend Capital on Tap for limited companies. You earn 1 Avios per £1 which is impressive for a Visa card, and the standard card is FREE. Capital on Tap cards also have no FX fees.

Capital on Tap Visa

NO annual fee, NO FX fees and points worth 1 Avios per £1 Read our full review

Capital on Tap Pro Visa

10,500 points (=10,500 Avios) plus good benefits Read our full review

There is also a British Airways American Express card for small businesses:

British Airways American Express Accelerating Business

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

There are also generous bonuses on the two American Express Business cards, with the points converting at 1:1 into Avios. These cards are open to sole traders as well as limited companies.

SPECIAL OFFER: Until 8th April 2025, the sign-up bonus on American Express Business Platinum is increased from 50,000 Membership Rewards points to 120,000 points. You receive 80,000 points when you spend £12,000 within three months and a further 40,000 points if you spend on the card between Month 14 and Month 17. Points convert 1:1 into Avios and many other programmes. Click here to apply.

SPECIAL OFFER: Until 8th April 2025, the sign-up bonus on American Express Business Gold is increased from 20,000 Membership Rewards points to 60,000 points. You receive 40,000 points when you spend £6,000 within three months and a further 20,000 points if you spend on the card between Month 14 and Month 17. Points convert 1:1 into Avios and many other programmes. Click here to apply.

American Express Business Platinum

Up to 120,000 points when you sign-up and an annual £200 Amex Travel credit Read our full review

American Express Business Gold

Up to 60,000 points sign-up bonus and FREE for a year Read our full review

Click here to read our detailed summary of all UK credit cards which earn Avios. This includes both personal and small business cards.

Category

British Airways and Avios

Comments (82)

  • David S says:
    1 Mar1 March 10:02

    I would love to know what they are doing to invest in new aircraft. I know the new 777’s are coming eventually but what’s the plan for LGW Aircraft. I tried googling to see what other fleet orders IAG had but couldn’t see much at all other than the 737 Max order – are they still coming ? Almost every other airline out there seems to be placing orders and feeling proud to showcase their fleet. BA seems to be the exception. I know JDB will say it’s hard out there in terms of competition for legacy airlines but it really doesn’t seem that way when fares are astronomical and aircraft are full. We travel back and forth to Portugal and every seat seems to be taken on every flight. And CE seems to always have the max 11 rows.

    Reply
    • JDB says:
      1 Mar1 March 11:30

      @David S – BA mainline is still getting new short haul deliveries – we flew on a nine month old one last month. Euroflyer isn’t going to see much investment – it’s never going to be very profitable at all. BA sits there to keep its options open and limit EasyJet so they will just do that as cheaply as possible.

      Reply
      • RC says:
        1 Mar1 March 12:46

        Here we go again…
        ‘Euroflyer isn’t going to see much investment – it’s never going to be very profitable at all’

        Unless you have access to BA management accounts that’s absolute tosh. Simply posting stuff doesn’t make it so.
        Please fact check a little more, and don’t claim to know what you don’t.
        A little analysis might help:
        PRASK is likely higher than easyJet. Costs with fully depreciated (ancient) A320s will be much lower. They pay less than easyJet. EasyJet is v profitable at Gatwick. So unless there’s some unusual cost allocation that suggests Euroflyer is profitable – and profitable enough to take back slots leased out.

        Reply
        • JDB says:
          1 Mar1 March 13:03

          @RC – as it happens, yes I am very familiar with the situation at EF and the peculiar reasons why BA continues to operate at LGW at all.

          These are very well known to investors and have been aired in the past on these pages when BA’s LGW were in the balance post covid. I am a little surprised for someone who tells everyone they are wrong to continue display ignorance of which this is a particularly glaring problem example. Quelle surprise.

          Reply
          • RC says:
            1 Mar1 March 13:07

            Pointing out factual and analytical errors @JDB continues to make is not arrogant.
            @JDB has stated before he is not employed by either BA or Heathrow and therefore will not has any insider insight he claims. Other readers can make up their own minds. Same for the BNP Exane analyst who accused BA customers of getting their ‘knickers in a twist’.

      • RC says:
        1 Mar1 March 13:16

        So you have stated before you do not work for BA, yet claim inside knowledge it would be highly unusual to be party to.
        So either:
        You are making things up, as suggested based on hearsay and social media;
        Or;
        You are disclosing material non public information about a subsidiary of a listed company- and are openly breaking FCA rulee.
        You seem to claim the latter. Which means a likely FCA nvesttigation

        Reply
        • JDB says:
          1 Mar1 March 14:43

          @RC – you don’t seem too good at thinking laterally or ‘outside the box’ as to how someone might have access to the relevant information without breaching any insider rules of which I am very aware. You appear also to be oblivious to the large amounts of public information (including RNS) about BA’s LGW operations, the public information about the formation of EF and the whole history thereof.

          You could even do something totally random like reading the BA EF accounts, but I guess that’s a bit complex and it’s quicker just to make rude comments.

          Reply
        • cranzle says:
          1 Mar1 March 19:37

          I’m not taking sides here, but I’m unclear as to why @RC would seem to want to challenge @JDB in such a manner. Intimating that only BA employees would be privy to inside knowledge really just shows a lack of corporate workings.
          It’s quite clear from his posts and use of language the type of profession he is in. Continuing to try and prove that ‘I know more than you’ also makes it clear that you are likely middle management.

          Reply
          • RC says:
            1 Mar1 March 20:10

            Spot on: it’s v clear @JDB is retired middle management whose knowledge recency expired in the 90s.

            Now to the point: there’s no excuse for posting misleading, inaccurate or just plain wrong claims dressed up as some special information or facts, then denigrating those who point out the falsehoods, inaccuracy and in some cases outright lies.

        • Cranzle says:
          1 Mar1 March 20:25

          @RC – you continue to post your opinion and present it as fact whilst simultaneously trying to act as some type of moderator who judges what posts are acceptable. A little jumped up, perhaps?

          And your assessment of @JDB as middle management is quite revealing.

          Reply
          • RC says:
            1 Mar1 March 20:43

            Calling out falsehoods and their attempts to perpetuate those lies is ‘jumped up’? And precisely who thinks middle management is to be denigrated? As your tone suggests an attitude to that cadre that isn’t constructive.
            So Thats an interesting take.
            Other readers will make up their own minds.
            Perhaps you’d like to suggest you are acting on ‘customer feedback?’?

  • Jimmy6 says:
    1 Mar1 March 12:14

    No mention in 2025 of risks of a wider war in Europe, and dwindling transatlantic traffic as Europeans baulk at visiting the ever more expensive and obnoxious Trump Land, and Americans finally realise that they are widely disliked across the world and retreat into their domestic trips?

    Reply
    • Nick says:
      1 Mar1 March 12:47

      Since when have Americans cared about not being liked? Trump’s economy is all about making the already-well-off even richer, which gives more disposable income to travel. If the rest of the world’s economy suffers this makes the dollar stronger, which gives rich Americans even more purchasing power. And their companies will go on an expansion spree with investment to spend and profits to cream. All of which means they’ll travel more not less, and in turn BA will put even more focus on the US market as it’s the only place to make money.

      Reply
      • RC says:
        1 Mar1 March 13:28

        The rest of the world is very intertwined with the US.

        Reply
      • Alex G says:
        1 Mar1 March 16:04

        BA transatlantic flights are full of Brits, not Americans.

        You could not have found a more ardent lover of the USA than myself until this week. But Trump and Vance are as dangerous to world peace as China and Russia, and I will not be returning to the US unless and until there is a change in leadership.

        I know most leisure travellers don’t care about the ethics or morality of the countries they visit for recreation (or the airlines that carry them), but I think the minority that do could still affect BA’s profitability on its key North Atlantic routes.

        Reply
        • RC says:
          1 Mar1 March 20:23

          Pre Covid , IAG shared its point of sale data in its investor presentations.
          US point of sale back then was incredibly important. It may have changed but I doubt it has changed much.
          Recent US consumer indicators aren’t good for BA. A chance of a trade war driven recession coupled with inflation could heavily impact discretionary spending badly for many individuals in most scenarios. The super rich fly private, so BA won’t get them.
          BA is now a one trick pony – that trick being UK/US with a near 60% market share with AA out if Heathrow. It’s the least competitive market from the least competitive airport (Heathrow).
          It explains why BA think they can get away with high prices and a mediocre product, and why they think they can gut the reward scheme (and will do more yet to come – hint: look at the Lufthansa latest changes.)
          A scenario of a full-on US consumer recession (economic contraction with high interest rates) could be particularly painful for BA (and its shareholders). Any investor with a memory of the late 80s/early 90s will be able to explain that.

          Now the good news for U.K. customers is that BA will then desperately reach to use the reward scheme – provided there’s anything left of it by then.
          Indeed, in that scenario I predict HFP and Rob will have a bumper time.

          Reply
          • patrick C says:
            2 Mar2 March 08:49

            This analysis is actually prerty spot on with regards to the us econo y and where most if BA’s airline profits come from. Just compare ex-eu and ex-uk to us pricing.
            What I am less convinced about is wjeter a US recession will kill that mostly corporate market. Might be more of a risk to european leisure hubs. Either way though the is recession is likely going to be driven at the bottom (i.e. trumps voter base) whise lives (measles desths exploding, no healthcare) and purchasing power will be annihilated all for facist hatred (baffles me how you can vote for your own oblivion).
            The travel market to europe though is notly upper middle class / upper class americans who might even benefit. Really depends on how badly the stock market gets hit.
            But the US will likely become the first self induced stagflation test case. Tike for some popcorn, if it weren’t for the spillover effects

        • Cranzle says:
          1 Mar1 March 20:39

          When did you move out the UK based on your moral & ethical standpoint and where did you move to?

          Reply
          • Cranzle says:
            1 Mar1 March 20:41

            @Alex G

          • RC says:
            1 Mar1 March 20:48

            more reasoned fact based argument or substantiated opinion would reflect more constructively on such deranged and odd posts that look very trollish.

    • BBbetter says:
      1 Mar1 March 12:54

      Do the tourist destinations care if their leader is crazy, as long as they get the money?
      Asian countries happily take money from Russian tourists even though they know Ukrainians are being killed.

      The real concern is a looming recession which would hit the airlines flying American routes.

      Reply
  • Neil says:
    2 Mar2 March 09:30

    Where & when are the 7 night holiday for 2 yo St Kitts for 166,667 avios?

    Reply

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