Easyjet slims losses to £133m as it dreams of profitability with Easter and summer bookings already flying high

Easyjet expects to deliver a full-year profit after shrinking its quarterly losses by 37 per cent. 

The low-cost carrier announced today that its loss before tax in the three months ended 31 December went down to £133m due to a 47 per cent increase in passenger growth year-on-year.

Group revenue surged 83 per cent to £1.5bn, with revenue per seat going up 36 per cent to £68.47. 

“We have seen strong and sustained demand for travel over the first quarter, carrying almost 50 per cent more customers compared with last year,” said chief executive Johan Lundgren. 

“This strong booking performance, aided by the airline’s step changed revenue capability, has driven an £80m year on year boost in the first quarter with continued momentum as customers prioritise spending on holidays for the year ahead.”

According to Easyjet, Easter bookings are 24 per cent higher compared to 2019 levels, while summer bookings are already at 60 per cent. 

“This will set us firmly on the path to delivering a full year profit, where we anticipate beating the current market expectation enabling us to create value for customers, investors and the economies we serve,” Lundgren added. 

The chief executive made the headlines late last year when it was announced that he had received a £3m remuneration package despite Easyjet posting a loss for the third consecutive year in September. 

The chief executive received in December a £1.2m bonus in addition to his £833,000 annual salary as well as shares worth £925,000. 

The airline justified the sum saying Lundgren – at Easyjet’s helm since 2017 – had managed a “billion-pound turnaround” while meeting “stringent bonus targets.”