EasyJet risks the wrath of Stelios

EasyJet plans to grow fast at the airport serving Venice, city of dreams and lovers. Also at Luton, town of industrial estates and Lorraine Chase, where the low-cost airline is headquartered. How will this play with Sir Stelios Haji-Ioannou, shareholder of frosty communiqués and no-confidence votes? Badly, one fears. EasyJet endured a stinker of a year. Terrorism closed some popular resorts in Muslim countries. Cheap fuel emboldened rivals to expand capacity. Weak sterling, in which easyJet reports, raised costs. Profits before tax crashed 28% to GBP495m. Yet the group, helmed by shrewd ex-Guardian boss Dame Carolyn McCall, plans to raise gross capex from GBP650m next year to more than GBP1b in both 2018 and 2019. She wants to increase the fleet of Airbuses from 257 to more than 300. She believes the business, in which founder Sir Stelios controls 34% of shares, will need more seats as legacy European airlines atrophy. EasyJet has net cash of GBP213m and would shade into net debt only in 2018, the peak year for investment. <br/>