EasyJet Publishes Quarterly Financial Results

DALLAS — EasyJet (U2) published today its financial results for the quarter ending in December 2022. The airline managed to cut its losses and hopes to beat expectations for its 2023 full-year profit.

The British airline posted a £133m pre-tax loss for the December quarter, compared to a £213m loss in 2022. Additionally, the low-cost carrier managed to increase its passenger number by almost 50% and grow its load factor.

Thanks to these improvements, the LCC expects the loss for the first half of 2023 (H1) to be significantly better than the 2022 H1 loss. However, the airline still expects load factors to fall short of 2019 levels.

The airline is also satisfied with its ancillary revenue, which reached about £20 per seat, 36% higher compared to the previous year. U2's holiday company keeps growing, posting a £13m profit for the quarter.

According to ailrinedata.com, U2 was the biggest airline in terms of seat offerings on European flights from the UK in 2022, with a 27% market share. Photo: Alberto Cucini/Airways

Johan Lundgren Comments

Johan Lundgren, the Chief Executive Officer (CEO) of U2, commented, "We have seen strong and sustained demand for travel over the first quarter, carrying almost 50% more customers compared with last year."

He also mentioned the high numbers of bookings during the quarter, "Many returned to make bookings during the traditional turn of the year sale, where we filled five aircraft every minute in the peak hours, which culminated in three record-breaking weekends for sales revenue this month. This strong booking performance, aided by the airline’s step-changed revenue capability, has driven an £80m year-on-year boost"

The CEO then announced his expectations for 2023: "we expect to see our winter loss reduce significantly over the first half compared to last year. This will set us firmly on the path to delivering a full-year profit, where we anticipate beating the current market expectation and enabling us to create value for customers, investors, and the economies we serve."

With this lower loss and promising booking numbers, the UK low-cost carrier is optimistic and hopes to beat expectations in 2023.

Featured image: EasyJet only operates A320 familly aircraft. Photo: Aberto Cucini/Airways