EasyJet forecasts a very successful summer this year amid competitors struggling
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EasyJet, a budget airline in the UK, predicts a record-breaking summer of travel this year after its profits jumped 16 per cent in its most recent quarter of trading.
EasyJet profits grow
These figures come just two days after a competitor, Ryanair, reported a drop in earnings and a less optimistic outlook for the holiday season, pushing down many European airline stocks.
EasyJet has said its pre-tax profits climbed to £236m in three months leading up to the end of June, as passenger numbers rose by 8 per cent, causing an 11 per cent increase in total revenues recorded at £2.6bn.
Seats continue to fill
The chief executive of EasyJet, Johan Lundgren, said the airline sold 1.5 million more seats than at the same time last year, which they claim shows they are on track to deliver another record-breaking summer.
In total, EasyJet has filled 28.1 million seats in its most recent quarter, up 7 per cent from the previous year.
Competitors struggle
In a shock to the industry, Ryanair said, on Monday, July 22, that its profits had halved over the same April to June period and predicted a difficult summer amid falling ticket prices.
This statement from Ryanair had a knock-on effect on EasyJet, causing its investors to slash 7 per cent from EasyJet’s share price.
Summer bookings build up
EasyJet has said, however, that its bookings for the summer quarter continue to build up, with 69 per cent now sold, up one per cent from the same period of months as last year, following an increase in the number of EasyJet tickets on sale by 7 per cent.
Revenue per seat from passengers also increased by 1 per cent in the quarter, with that bump expected to continue through the summer.
EasyJet attests this success to their EasyJet Holidays, which they claim make a difference and separates them from their rival, Ryanair.
Even with the heatwaves sweeping across Europe, and with the recent protests taking place in airports, EasyJet still predicts these will not affect their sales and profits, however, they are aware and conscious of the recent anti-tourism trends spreading in European countries.
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Originally from the UK, Harry Sinclair is a journalist and freelance writer based in Almeria covering local stories and international news, with a keen interest in arts and culture. If you have a news story please feel free to get in touch at [email protected].
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