EasyJet sees signs of recovery (David Parry/PA)
(Picture: PA Wire)Easyjet today insisted that recovery “is under way” even as it predicted losses for the year to September of more than £1.1 billion.
It insisted it is not worried about rival BA’s plans to launch a short-haul hub at Gatwick.
CEO Johan Lundgren said: “We have proven that we can compete against any airline. We will have to wait and see what they do. It is not something we will lose any sleep over.”
Bookings have “momentum”, running at double what they were a year ago.
A move last year to lift travel restrictions on many destinations saw air and travel shares jump last week. All airlines say there has been a race to book flights and holidays.
Lundgren added: “During the quarter easyJet significantly ramped up its flying which meant we were the second largest airline operating in Europe this summer while also halving our Q4 losses versus last year.”
He added: "It is clear recovery is under way. Business travel is returning to easyJet with corporates and SMEs attracted by our value, network and approach to sustainability. We have seen city breaks beginning to return alongside growing demand for leisure travel from customers looking for flights and holidays to popular winter sun destinations including Egypt and Turkey.”
Easyjet earlier completed a £1 billion rights issue that strengthens its balance sheet. It also fended off a takeover bid from smaller rival Wizz Air.
Easyjet shares are up more than 50% in the last 12 months. Today they opened at 648p.
