- EasyJet reported an £85m profit for Q3, a 70pc drop year-on-year.
- Fuel costs soared by £105m due to the Iran war.
- Consumer confidence is increasing into the peak summer period.
- Apollo has until 7 August to make a firm offer.
- EasyJet shares are up roughly 20pc for the year.
EasyJet has reported an £85m profit for the three months to 30 June, a 70pc drop from the £286m profit logged last year. Fuel costs soared by £105m as the Iran war led to volatile fuel prices and made travellers wary. The airline’s earnings beat analysts’ estimates and the carrier indicated clearer skies heading into peak summer.
Consumer confidence was increasing into the peak northern hemisphere summer period, with strong demand from travellers booking tickets closer to the date of travel. The airline kept its annual capacity forecast unchanged. EasyJet’s shares rose almost 6pc today, recouping some losses after a 12pc slump when Reuters reported the EU may tighten airline ownership rules.
Apollo has until 7 August to make a firm offer or walk away, while Castlelake has until 3 August. EasyJet CEO Kenton Jarvis stated the airline had not heard from the EU following Reuters’ report but was open to contact in the future. The airline’s shares are up roughly 20pc for the year so far.
Kenton Jarvis, CEO of EasyJet, shared, “We are in constant contact with our regulators. But right now, without a firm offer, that would be a little premature.”
