Oct 8, 2019

EasyJet upgrades profit forecasts

EasyJet said full-year profits would be at the top end of its forecasts, after a boost from pilot strikes at rivals British Airways and Ryanair. The budget airline reported on Tuesday that it expected to deliver a profit before tax of between £420m and £430m for the 12 months ending September 30. "As a result of our self-help initiatives and the increased demand due to disruption at British Airways and Ryanair, we anticipate achieving headline profit before tax for the full year 2019 of between £420m and £430m.". EasyJet's shares were down more than 5 per cent in morning trading. "The market was hoping for a more robust commentary, with a mention to positive pricing trends, with this needed to deliver reasonable profit growth this year given the less attractive fuel hedging it has in place compared to last year's rates," said Mark Simpson, aviation analyst at Goodbody.

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