EasyJet confident about summer as H1 losses narrow

Budget airline easyJet expressed confidence about the summer season on Thursday as it reported a narrowing of its first-half losses, in line with its guidance.

In the six months to the end of March, the headline loss before tax narrowed to £411m from £545m in the same period a year earlier. This was driven by increased capacity, load factors and yields now that all travel restrictions have lifted. In April, easyJet had guided to a loss of between £405m and £425m.

Total revenue rose 80% during the half to £2.7bn, mainly due to pricing strength, increased flown capacity, improved load factors and ancillary products continuing to deliver incremental revenue, the airline said.

It flew 33.1m passengers, up 41% on the first half a year earlier, while revenue per seat was 40% higher at £66.46.

Chief executive Johan Lundgren said: "EasyJet's optimised network combined with the strong demand seen for flights and holidays, enhanced revenue capabilities and operational resilience, means we enter the summer with confidence.

"Recent research has shown that travel is the number one priority for household discretionary spend with customers safeguarding their holidays and increasingly opting for low cost airlines and brands which provide great value."