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Easyjet profits soar following strong third quarter
EasyJet says its profit could soar by 45% this year due to the collapse of rival airlines and strikes at Air France.
In an update to its full-year guidance, the low-cost carrier forecast a full year pre-tax profit for the 12 months to the end of September 2018 of £550 million £590 million.
The airline made £408 million in 2017 and in May had predicted a profit of £530 million to £580 million for this year.
It has forecast a profit rise despite being hit by air traffic control strikes and bad weather over the winter, which forced the airline to cancel 2,606 flights in the third quarter alone. During the same period last year, it cancelled just 314 flights.
Nevertheless, revenue in the quarter to the end of June rose 14% to £1.6 billion and passenger numbers increased to 24.4 million. Revenue per seat was up 4.8%.
However, easyJet admitted its new operation at Berlin’s Tegel Airport was operating below expectations with revenue per seat weaker than previously guided. The total loss for the operation, which easyJet launched following the collapse of Air Berlin, is expected to be £175 million, £15 million higher than estimated.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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