Aer Lingus has announced an operating profit before exceptional items of €45m for 2022, well down on the pre-pandemic 2019 profit of €276m.

The airline said it reached 2019 capacity levels in Q4 2022. Losses of €95m in the first half of the year were offset by €139m profit in Q3 and €1m in Q4.

IAG, the Aer Lingus parent which also owns British Airways, Iberia and Vueling, said the group’s North American capacity was 16.1% lower than in 2019.

The United States eased its Covid-19 travel restrictions in November 2021 for vaccinated passengers and removed the need for a Covid test prior to arrival in June 2022.

Aer Lingus reopened six routes to North America during the year. Across the IAG network, the passenger load factor for the region was down 4.8 points versus 2019 at 79.3%.

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Aer Lingus said leisure travel has been key to recovery particularly in the peak holiday periods, with business travel also recovering but at a slower pace.

The company stated: “There has been high market demand for European sun destinations and North Atlantic routes, with notable strength in inbound US passengers. The new Aer Lingus Manchester base also performed well in its first full year of operations.

Last year Aer Lingus took delivery of two Airbus 320 neo aircraft, with much improved fuel efficiency and reduced noise emissions.

According to the airline: “While we are mindful that business travel recovery lags that of leisure, and that global macro-economic uncertainties causing higher oil prices, exchange rate fluctuations, rising interest rates and inflation could impact aviation this year, there is much for Aer Lingus to build on in 2023.”

For summer 2023, the airline is adding three new routes to Kos (Greece), Sardinia (Italy) and Brindisi (Italy).

“Looking ahead, a continued recovery is well on track with strong forward bookings. This recovery positions Aer Lingus to rebuild financial health and invest in the business,” the airline said.

IAG ended 2022 with total liabilities of €37,280m, up from €33,560m the year before.

IAG’s annual results statement discloses that in March 2022 Aer Lingus entered into a financing arrangement with the taxpayer-funded Ireland Strategic Investment Fund (ISIF).

Existing debt facilities of €150m were increased to €350m, and maturity was extended to March 2025.

In December 2022 Aer Lingus repaid €100m of the €150m it had previously drawn against this facility, and borrowed €50m from ISIF.