Easyjet has revised its first-half revenue forecast after reporting a rise in business traffic and in long-haul leisure travellers switching to short-haul routes.
Unveiling its figures for the last three months of 2008 – the first quarter of its financial year – the airline reported a 31.5% rise in revenue to £550 million.
This was helped by a 10.1% jump in passenger numbers to 10.1 million, compared to the previous year.
“This is a good performance, especially the 14% increase in our total revenue per seat at constant currency and the 20% growth in non UK originating passenger numbers,” said chief executive Andy Harrison.
“In the current economic climate there is a ‘flight to value’, with European consumers choosing the benefits of easyJet’s great value network serving primary airports.
“In particular, we are seeing business travellers and long-haul leisure travellers switching to easyJet in search of better value.
“This is more than compensating for some softness in discretionary travel and means easyJet continues to win market share.”
But he warned that the outlook for the summer remains uncertain due to the “difficult macro-economic environment and any potential impact from the strengthening of the euro against sterlingâ€.
Following the announcement, the airline’s shares rose 11.3% to 284 pence. Shares have fallen by more than a third over the past year.
By Bev Fearis
