EasyJet forecasts record-breaking summer as profits jump

The budget airline easyJet is predicting a record-breaking summer of travel after profits jumped 16% in its most recent quarter of trading. The bumper figures come only two days after the rival no-frills carrier Ryanair reported a plunge in earnings and a poor outlook for the holiday getaway season, pushing down many European airline stocks. EasyJet said pre-tax profits climbed to GBP236m in the three months to the end of June, as passenger numbers rose by 8%, fuelling an 11% rise in total revenues to GBP2.6bn. Johan Lundgren, the E of easyJet, said the airline had sold 1.5m more seats for peak season than at the same time last year, which “means we remain on track to deliver another record-breaking summer”. EasyJet said it had filled 28.1m seats in its most recent quarter, up 7% year on year, with load factor across its fleet hitting 92% in June. Jittery investors slashed 7% from easyJet’s share price on Monday after Ryanair said its profits had halved over the same April to June period and forecast a tough summer amid falling ticket prices hindered by a wider market trend of customers leaving booking their summer flights until late. However, easyJet said on Wednesday that its bookings for the summer quarter “continue to build”, with 69% now sold, up a percentage point on the same period last year as the airline increased the number of tickets on sale by 7%.<br/>