EasyJet rises above Brexit woes to lift sales

Low-cost airline EasyJet has said revenues rose 11.4 per cent to £1.8 billion in a "robust" third quarter as the timing of Easter helped offset falling demand amid Brexit uncertainty.

The group is on track for annual pre-tax profits of between 400mand 440m. Picture: Neil Hanna

The no-frills carrier said this year's later Easter boosted revenues by around £40 million.

Passenger numbers rose 8 per cent in the quarter to 30 June to 26.4m.

It said the group remained on track for annual pre-tax profits of between £400m and £440m, with second-half bookings now 78 per cent sold.

But EasyJet said it had seen some "softening of demand due to tougher macroeconomic conditions across Europe as well as Brexit-related consumer uncertainty in the UK".

Its load factor - a measure of how well it fills its planes - also fell by 1.7 percentage points to 91.7 per cent, partly due to a strong performance a year earlier when it benefited from the demise of rival Monarch.

Johan Lundgren, EasyJet chief executive, said: "EasyJet's third-quarter performance was robust and despite the tougher macroeconomic conditions was in line with expectations."

Richard Hunter, head of markets at Interactive Investor, commented: “EasyJet is pushing hard to make something of a comeback, following a torrid year which culminated in its being relegated from the FTSE 100

"Even so, EasyJet is displaying a firm grip on those factors which are rather more in its control, and the key metrics - for this period at least – are being warmly welcomed. At this point, the company’s turnaround efforts are far from complete, with a 37 per cent fall in the share price over the last year reflecting market concerns."