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Willie Walsh, who is IAG’s chief executive and the owners of British Airways, has announced that the IT failure that grounded planes at both Heathrow and Gatwick airports, cost them in the region of £58 million ($65m).

The incident, which happened over a bank holiday weekend last May, left passengers unable to check in and was thought to have affected around 75,000 travellers and 726 flights.

Although an external company engaged to look into the power failure have nearly completed their investigation, Walsh declared he had "not learned anything new". The airline had previously announced that the disruption was caused by an engineer disconnecting and incorrectly restoring a power supply.

Despite the huge cost the incident caused, IAG reported a 13.8% increase in half-year operating profits (after exceptional items) to £804m ($898m). BA operating profits also rose, from $631m to $741m.

Although some passenger’s cases are still being dealt with, Willie Walsh defended the company's effort to compensate travellers for the disruption caused by the IT failure, stating to the BBC's Today programme "We are doing everything we can to make good the disruption that the customers experienced, but it was an isolated event and I think you've got to focus on the fact that BA's passenger numbers continue to increase."