Easyjet reported its trading statement on Tuesday, which saw significant losses but an improved capacity for the airline.
Third quarter losses before tax came in at £114 million, including a £133 million cost impact from the chaos and a £36 million loss from FX balance sheet revaluations.
EasyJet said its operations had since normalised from the frantic cuts to its schedules this year. We’re all hoping so.
In Q3, EasyJet flew 22 million passengers, more than seven times higher than the same period last year and 87% of FY19 capacity. Meanwhile, load factors continued to grow, reaching highs of 92% in June.
The unprecedented ramp-up in demand in the aviation sector led to higher levels of cancellations. I think we all noticed…
However, EasyJet stated it operated at 95% of its planned schedule in Q3. Time to fly with EasyJet.
Demand for EasyJet remains solid. Fourth quarter bookings are currently at 71%, and the load factor is slightly ahead of 2019 levels.
“Delivering for customers this summer remains our highest priority,” stated EasyJet Chief Executive Johan Lundgren. “We have taken action to build the additional resilience needed this summer and the operation has now normalised.”
Furthermore, Heathrow told a similar story about its management of the larger crowds this summer. They reported its losses before tax reduced to £466 million after passenger numbers returned to pre-pandemic levels.
According to our tracking of EasyJet Twitter mentions, they have declined over the past four weeks. A decline is not usually considered a positive, however, the recent spike has been due to constant disruptions, and the fall shows signs of airline issues potentially easing.
Following the latest release, EasyJet shares have jumped 3.5%. A positive reaction from investors despite its losses.