easyJet revenue up 32%
22.01.09
Low-cost airline easyJet announced today that its first-quarter revenue rose 32% to £550 million after a strong performance across its network and a 10% increase in passenger numbers. CEO Andy Harrison said the figures reflected the fact that ‘in the current economic climate there is a flight to value.'
Business travellers and long haul leisure travellers are switching to easyJet, Mr Harrison said, which is more than compensating for some softness in discretionary travel. First-half revenue is expected to exceed its previous guidance although its outlook for the summer remains uncertain due to the difficult macro-economic environment and the strengthening of the euro against sterling. The budget airline reiterated that it expects to be profitable in the full year.
easyJet added that more than half of its customers were now from outside the UK in the quarter after it saw a 20% rise in European passenger numbers. Non-UK customers represented 51% of its business in the three months to December 31 as a strong euro saw European travellers flock to Britain over the Christmas holidays to take advantage of the weak pound to pick up bargains in UK shops.
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