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EasyJet posts £408m loss in first half of 2024
British budget airline easyJet reported a pre-tax loss of £350 million (€408 million) in the first half of 2024 but said it is optimistic about the rest of the year.
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Economia EasyJet
In a statement, easyJet said it had recorded a £61 million (€71 million) improvement year-on-year, driven by a 12% capacity growth and stable unit costs excluding fuel.
The carrier’s £146 million (€170 million) cash balance provides the company with capital to support growth and shareholder returns, it noted.
In Portugal, easyJet says it is seeing improved profitability after investing in its Porto and Lisbon networks in 2023.
In the first half of the fiscal year, capacity increased to 4.8 million seats, a 5% increase on the same period last year, it said.
In the first half of 2024, easyJet carried more than 4.3 million passengers to and from Portugal from its five airports in Portugal (Porto, Lisbon, Faro, Funchal and Porto Santo), an 8% growth compared to the first half of 2023.
Overall, easyJet expects an improved performance in the second half and the arrival of 16 new Airbus A320neo family aircraft by the end of the year.
The airline unveiled an agreement to acquire a heavy maintenance facility in Malta, subject to local regulatory approvals, and will open its tenth UK base at Southend in the south of England in summer 2025.
“easyJet’s focused growth and continued drive for productivity have delivered a smaller loss in the winter, driven by our trusted brand and the network we continue to invest in,” said Johan Lundgren, easyJet’s chief executive, in a statement.
The CEO said that recent bases, Alicante and Birmingham, “are delivering passenger numbers well ahead of the network average”.
“We are now fully focused on delivering another record summer, which should drive a strong increase in profitability in FY24 and put us on track to deliver our medium-term ambition,” he added.
Read Also: Voos 'low cost' de Portugal para Cabo Verde a partir de 29 de outubro (Portuguese version)
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