EasyJet has reported a headline loss before tax of £178 million for the financial year to September after fourth quarter earnings (EBIDTAR) hit a "record" £674 million.
The annual numbers were "significantly improved" on the previous 12 months' loss of around £1.1 billion, the carrier announced, and reflected the removal across Europe of most coronavirus-related travel restrictions during the first half of 2022 ahead of strong demand for travel over the summer.
Passenger numbers topped 67 million, easyJet reported, up more than three-fold in 2021.
EasyJet expects strong Christmas holiday demand, with the first quarter of 2023 to show at least a 20% expansion year-on-year after its Q4 "operational performance" topped that of the same period in 2019.
The results came after a year marred by "multiple headwinds", according to easyJet, listing the spread of the omicron coronavirus variant, the fallout from the Russian invasion of Ukraine, and "operational challenges" as airlines got to grips with demand resurgent after travel curbs were removed.
The airline reported fuel costs of over £1.2 billion, almost four times the outlay for the 2021 financial year, while what it termed "airports, ground handling and other operating costs" soared by 285% to £1,716 million.
Such a "high cost environment" means "legacy carriers will struggle", according to easyJet chief executive Johan Lundgren.