EasyJet Bounces back

EasyJet after two covid affected years saw losses of over £1manbn in 2020 and 2021 and in 2022 will lose £190 million as the customers remain cautious.

As it is heavily exposed to Pound, as many of its costs are denominated in dollars. But EasyJet says it has enjoyed a record bounceback from Covid lows as passenger numbers have soared to 24 million and revenues have gone from £1 billion last year to 2.5 billion this year.  But it spent £75 million on incremental disruption costs due to thousands of flight cancellations most on short notice due to lack of staff.  It said its revenue was hit by omicron, the war in Ukraine, and the industry-wide issues experienced this summer.

Ryanair said it has reached an agreement with Unite Union over pay for UK cabin crew.

Johan Lundgren CEO of EasyJet said: “ EasyJet is Europe’s largest airline operator at primary airports with one of the strongest balance sheets in the aviation industry. We face the uncertain macro-economic environment with many strengths through our brand, network, and business model which enable us to provide low fares to millions of people despite the rising cost of living”.