EasyJet sees H1 losses narrowing despite £40m hit from MEast war

(Sharecast News) - Budget airline easyJet said it had taken a £40m hit from the Middle-East conflict, but said it expected first-half losses to narrow and reported positive booking momentum for the summer. The airline was forced to suspend flights to Israel and Jordan after the Hamas Islamic group attacked Israel last October, with demand also softening on its routes to Egypt.

Pre-tax losses for the three months to December 31 came in at £126m from £133m a year earlier. Revenues were up 16% to £1.1bn.

"Although still early, bookings for summer 2024 are building well, with the turn of the year bookings period showing an increase in both volume and pricing compared to the same period last year," the company said.

"This positive momentum is also evident in the holidays business, where we continue to expect customer growth to exceed 35% year-on-year."

Reporting by Frank Prenesti for Sharecast.com