EasyJet Reports Bounceback In Demand

EasyJet provided its trading update for the year, which saw a bounceback in demand for travel over the summer, with passenger numbers almost doubling versus the prior summer.

The airline expects to deliver underlying profit before tax of between £470 million and £490 million over its final quarter.

Meanwhile, revenue jumped to £2.5 billion compared to £1 billion a year prior. The airline operated at 88% of its FY19 capacity while flying 26.3 million passengers, and load factors had increased to 92%.

The airline said demand remained resilient despite the cost of living crisis. The company also said its flight program during October and Christmas weeks is expected to be back to levels seen before the pandemic.

The company claimed that it was already witnessing demand for next summer and predicted that it would fly 20 million seats in the final three months of 2022, an increase of 30% YoY.

“Our step change in ancillary revenue has continued to deliver, alongside easyJet holidays making a profitable contribution in its first full year of operations,” said Johan Lundgren, CEO of EasyJet.

EasyJet expects to report a group headline loss before tax in the range of £170 million to £190 million for the financial year.

Shares of EasyJet were relatively flat on Thursday, although the stock plummeted 52% this year.

Source: Tradingview

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