<\/p>\n
EasyJet: higher costs<\/p>\n
Budget airline EasyJet posted a first-half loss of \u00a3552 million, in line with its recent forecast, as the Iran war continued to weigh on jet fuel costs and consumer bookings.<\/p>\n
The latest figure represents an increase from the \u00a3394m loss in the previous year following \u00a325m in additional fuel costs and \u00a332m in increased legal provisions.<\/p>\n
There was a 6% rise in passenger numbers to 42 million and a 2 percentage point improvement in load factor to 90%.<\/p>\n
The war has disrupted the global aviation industry, sending jet fuel prices soaring more than 80% since late February.<\/p>\n
Airlines have been forced to raise fares, slash capacity or face squeezed margins as the blockade of the Strait of Hormuz chokes off critical oil supplies.<\/p>\n
The carrier said its second-half bookings were 58% sold as customers booked holidays s closer to home. Easyjet\u2019s April-September bookings were 77% sold at the same point a year earlier.<\/p>\n
Kenton Jarvis, CEO, said: \u201cDespite conflict in the Middle East creating near\u2011term uncertainty, easyJet is well placed to manage the current environment, supported by one of the strongest investment\u2011grade balance sheets in European aviation.<\/p>\n
\u201cWe delivered a strong operational performance in the first half, with positive demand driving a 90% load factor, up 2 ppts vs last year, and further improved customer satisfaction, alongside continued growth in our holidays business.<\/p>\n
\u201ceasyJet is not seeing any disruption to fuel supply, we continue to operate normally and our customers should book with confidence, taking advantage of our great value fares.<\/p>\n
\u201cOur strategy is clear \u2013 through disciplined growth, accelerated upgauging, and continued expansion of easyJet holidays, we aim to bounce back from this year\u2019s Middle East related setbacks, and then further progress towards our medium-term financial targets and deliver attractive shareholder returns as the operating environment normalises.\u201c<\/p>\n
\t #EasyJet #posts #deepening #loss #fuel #costs #surge #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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