IAG, which also owns Aer Lingus, Iberia and Vueling, said that “premium leisure” was its best-performing market segment, while business travel is now at its highest level since the start of the pandemic more than two years ago.

Luis Gallego, IAG’s chief executive, said: “As a result of the increasing demand, forward bookings remain encouraging. We expect to achieve 80% of 2019 capacity in the second quarter and 85% in the third quarter. North Atlantic capacity will be close to fully restored in the third quarter.

“The group’s operating loss reduced significantly in the first quarter compared to last year, with our losses reflecting normal seasonality, the impact of Omicron and costs associated with ramping up operations.”

But Gallego admitted that its airlines were “facing challenges” as they scaled up operations to meet this surging demand.

“Globally the travel industry is facing challenges as a result of the biggest scaling up in operations in history and British Airways is no exception,” he said.

“The welcome removal of the UK’s stringent travel restrictions, combined with strong pent-up demand, have contributed to a steep ramp up in capacity. The airline’s focus at the moment is on improving operations and customer experience and enhancing operational resilience.”

IAG made an operating loss of €731 million for the first quarter of 2022, down from a deficit of €1 billion in the same quarter last year. The group’s total revenue rose from €968 million to €3.4 billion over the same period as air travel’s recovery gained momentum.

The company’s passenger capacity in the first quarter was 65% of 2019 capacity, which was up from 58% in the final three months of 2021.