Record profits at easyJet as travel sector rebounds

easyjet-fuselage

Budget airline easyJet has reported a stunning recovery in its fortunes with a record full year pre tax profit of £455m as the world started moving again after the global pandemic.

easyJet flies again

The airline said it flew 82.8 million passengers in the year (2022: 69.7 million), up 19% on the previous year, this being the first year with no travel restrictions since 2019.

Load factor for the year was 89.3% (2022: 85.5%), an improvement of 3.8 percentage points, and capacity was 14% ahead of the prior year.

The airline also said it was confident about its outlook for the coming year despite admitting that the current Israel-Hamas war could impact performance over the winter months.

EasyJet also reinstated its dividend payments for shareholders, with a windfall 4.5 pence per share being handed to its investors.

Commenting on the results, Johan Lundgren, easyJet’s Chief Executive Officer, said: “Our record summer performance demonstrates the success of our strategy and that demand for easyJet remains strong as customers choose us for our network and value.

 “We see a positive outlook for this year with airline and holidays bookings both ahead year on year and recent consumer research highlights that around three quarters of Britons plan to spend more on their holidays versus last year with travel continuing to be the top priority for household discretionary spending.

“We are confident about the future and the opportunity ahead, focusing on capital discipline and driving our low cost model to achieve our ambitious medium term targets.”

The airline’s revenue for the last year soared to £8.17bn, up from £5.77bn the previous year.

Shares in easyJet were trading 2% higher at £4.13 on the London Stock Exchange on Tuesday morning