EasyJet hails significant improvement in trading

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EasyJet said trading in the first quarter of its fiscal year was a significant improvement compared to Q1 2021.

The airline reported revenue of £805 million for the quarter ended 31 December 2021 compared to £165 million year-on-year.

Passenger revenue increased to £547 million versus £118 million year-on-year and ancillary revenue increased to £258 million compared to £47 million in Q1 2021.

Johan Lundgren, chief executive of easyJet, said the improvements came despite the impact of Omicron in December and that the carrier managed to halve losses and cash burn.

He said: “During the pandemic, easyJet has transformed many areas of the business including optimising its network and flexibility and finding sustainable cost savings. This is helping partially offset inflationary pressure, while also step-changing ancillary revenue, which is delivering for us now.

“Booking volumes jumped in the UK following the welcome reduction of travel restrictions announced on 5 January, which have been sustained and then given a further boost from the UK Government’s decision earlier this week to remove all testing requirements. We believe testing for travel across our network should soon become a thing of the past.”

EasyJet was at 64 per cent of 2019’s capacity in the first quarter compared with 18 per cent in Q1, 2021.

Passenger numbers in the quarter increased to 11.9 million versus 2.9 million year-on-year.

source : businesstravelnewseurope

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