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EasyJet boosted by travel demand and Thomas Cook collapse

By Ramla Soni

The British airline reported an increase in its revenue per seat and said its first-half headline pre-tax loss would narrow from £275 million

British airline easyJet is expecting an improved first-half performance because of increase in travel demand and less competition.

The airline reported an increase in its revenue per seat. It said its first-half headline pre-tax loss would narrow from the £275 million ($359m, €323m) in the same period last year.

The company’s first-half revenue per seat is now expected to increase by mid to high single digits, easyJet said.

A previous forecast had it rising by low to mid single digits after an 8.8 per cent jump in its first quarter.

Chief Executive Johan Lundgren said there was limited visibility on the key summer season, in which easyJet tends to make its profits. He expected the positive momentum to continue, however.

The collapse of holiday company Thomas Cook last September raised easyJet’s revenue per seat by 1.5 per cent in its first quarter, the company said.

Further gains were made from strong travel demand that also allowed rival Ryanair to upgrade its profit forecast this month.

Shares in easyJet gained 4.7 per cent to £15.21 in Tuesday morning trading.

Last year easyJet said it would become the world’s first major airline to operate on net-zero carbon emissions across its flight network.

FURTHER READING: Thomas Cook latest news: rival airlines cash in as company closes

FURTHER READING: Flybe says it is operating as usual despite cash crunch reports

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