• easyJet expects to beat full-year profit expectations
• Reported Q1 headline loss before tax of £133m
• Passenger numbers grew 47% YoY

easyJet said on Wednesday it expects to beat full-year profit expectations after reporting its Q1 trading update.

The budget airline announced a Q1 headline loss before tax of £133m, against a loss of £213m in the prior year. The group reported passenger growth of 47% YoY and a load factor up 10ppts.

Additionally, easyJet airline and holidays delivered record revenue booking days in January, with the firm expected to see bookings strength continue across Q2 and into Summer 2023. Despite the group remaining mindful of current macroeconomic uncertainty, easyJet anticipates beating current market profit expectations of £126m for FY23.

“We have seen strong and sustained demand for travel over the first quarter, carrying almost 50% more customers compared with last year,” said Johan Lundgren, CEO of easyJet.

Lundgren added that its strong booking performance, aided by the airline’s step changed revenue capability has “driven an £80m year-on-year boost in the first quarter.”

As a result, easyJet forecasts capacity of 38m seats in H1, a 25% increase YoY, and 56m seats in H2.