EasyJet aiming to fly high this summer after first half losses dive | City & Business | Finance

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Low cost airline easyJet says it is on track for a record summer and a strong year, after its seasonal first half pre-tax losses dived 16.4 percent to £347million.

It said that for the six months to the end of March, its revenues climbed 21.5 percent to £3.3billion, while its passenger takings up just under 17percent and its airline ancillary revenues climbing 18.8percent. However, its star performer was its package holidays unit, where revenues climbed 79.8percent to £311million.

Easyjet carried 36.7million passengers in its first half, up 11 percent, and this, along with higher prices and inflight sales and tight cost control, helped slash its losses. Chief executive Johan Lundgren said that with an improved first half behind it, easyJet is on track for a strong full year performance, despite the ongoing tensions in the Middle East.

He added: “We are anow absolutely focused on another record summer, which is expected to deliver strong full year 2024 earnings growth and are on track to achieve our medium term targets.”

Alongside its interim results, Lundgren announced his intention to leave the business after seven years in the pilot’s seat. He will step down early next year and will be succeeded by chief financial officer Kenton Jarvis. A search for a new finance chief will begin shortly.

Lundgren said: “There are important things still to accomplish over the balance of the year, but when the time comes I will leave EasyJet with a great sense of loyalty and of pride at the progress made and the potential the Company has for the future.”

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