EasyJet has reduced its winter losses by over £50 million ($62.3 million) year-on-year, the airline has highlighted in its six-month financial update, with loss before tax expected to be in the region of £340-£360 million ($424-$449 million).
“We are well set up operationally for this summer season where we expect easyJet to be one of the fastest growing major airlines in Europe,” commented easyJet CEO Johan Lundgren, attributing the reduction in winter losses to the carrier’s “growth and focus on productivity”.
With 297 peak operating aircraft as of March 31 2024, (up from 275 in January and 278 in February), easyJet’s passenger numbers also continued to grow: rising from 4.2 million in January to 5.7 million in February and 6.8 million in March. Load factor also increased from 84% to 89%, with a year-to-date high of 42,828 flights operating in March 2024.
EasyJet notes that although geopolitical tension impacted scheduled services at the end of 2023 – with the onset of the conflict in the Middle East (pausing flights to Israel and Jordan) resulting in ‘a temporary slowdown in flight bookings,’ with a ‘direct impact’ of £40 million ($50 million) - bookings recovered ‘strongly’ from late November.
The airline adds that total group revenue and headline costs for the first half of 2024 are expected to be around £3,270 million and around £3,620 million respectively, with an EDITDAR range for the first half of 2024 between five and 25. It maintains ‘one of the strongest investment grade balance sheets in European aviation’, being rated Baa2 ‘stable’ by Moody’s and ‘BBB positive’ by Standard & Poor’s.
easyJet reduces winter losses by over $62 million year-on-year
