The airline said losses would be in the range of £532-£580 million for the calendar year, compared to a deficit of £2 billion in 2020.

In a statement to investors, the carrier said: “The improvement was primarily driven by strong cargo demand, high cargo yield and load factors, together with continued focus on effective cash and cost management.”

Chief executive Augustus Tang said: “Passenger travel remained extremely subdued throughout 2021, as a result of ongoing travel restrictions and strict quarantine requirements. 

“We flew 717,059 passengers during 2021, getting people home, reuniting many of them with family, and helping students travel to and from school or university overseas. This compares to the 4.6 million passengers that we flew in 2020 and 35.2 million passengers that we flew in 2019.”

Full annual results will be published in March.