UK-based low-cost carrier EasyJet cut its headline loss before tax by 52% during its fiscal first quarter, as it looks ahead to a 2025 peak season that should keep it on track for its medium-term full-year profit target of £1 billion ($1.2 billion).
Outlining its October-December performance on 22 January, EasyJet cited demand at its primary airports and for its package holiday offerings, alongside cost control and favourable fuel prices, as it achieved a loss before tax of £61 million during what is traditionally a weaker quarter for the business. EasyJet’s overall revenue was up 13% at £2 billion.
“EasyJet performed well in the quarter, reducing Q1 losses by 52% year on year while flying 7% more customers to an even greater choice of destinations across the network,” says chief executive Kenton Jarvis, who took over from Johan Lundgren on 1 January.
“EasyJet holidays continued its growth, achieving around a 40% increase in profits during the period.”
The carrier is seeing some unit revenue softness in its fiscal second quarter, but says that is to be expected amid capacity growth of around 14%. “Route maturity” benefits from that expansion are expected next winter and beyond, the airline states.
For the key second half of the airline’s fiscal year, when EasyJet would traditionally make its money, demand and bookings are ahead year on year and are supporting the consensus of a full-year profit before tax of just over £700 million, the airline says.
EasyJet is guiding for capacity growth of around 8% for its full fiscal year.
The carrier added six Airbus A320neo-family jets in its first quarter, a further example in January, and expects two more to be operational before the peak summer season. Its total fleet stands at around 350 aircraft.
