Easyjet on course for profit target despite woes
Higher fuel prices and the Gatwick drone incident caused turbulence for Easyjet in the first half, but the airline said it was on course to deliver annual profits in line with expectations.
The group yesterday reported a headline loss before tax of £ 275 million f or t he six months t o 31 March. Revenue was up 7.3 per cent to £ 2.34 billion, due to capacity growth and favourable foreign exchange rates.
But growth was held back by the timing of Easter, as well as comparison to last year when Monarch’s bankruptcy and Ryanair cancellations benefited Easyjet.
To t a l r e v e n u e p e r s e a t decreased by 6.3 per cent to £ 50.71.
The company said costs per seat were also higher, up 3.9 per cent to £ 56.66. This was down to fuel price increases and underlying cost inflation.
The disruption caused by drones at Gatwick Airport in December was also blamed, with Easyjet booking a £ 10m direct loss due to the incident.