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Tuesday, May 12, 2015

Easyjet reports profit after fuel prices fall

At present, Easyjet operates 675 routes across 135 airports
The airline reported a profit of £7m in the six months to 31 March, compared with losses of £53m last year.

Total revenue per seat increased by 2.6% compared with last year, stripping out movements in currencies.
Airlines tend to incur losses in the winter, and make most of their profits during the summer.

"The profit in the half reflects the delivery of our customer focused revenue initiatives and a strong finish to the ski season as well as the benefit we received from the lower fuel price and favourable foreign exchange movements," said Easyjet chief executive Carolyn McCall.

"As we enter the important summer season forward bookings are in line with last year and as we predicted passengers are benefiting as fares fall to reflect a more competitive operating environment and lower fuel costs."

She told the BBC's Today programme that low fuel prices had been "enormously helpful" in the first half and that foreign exchange movements had gone in Easyjet's favour. However, she warned that currency movements will "go against us in the second half".
The carrier was benefiting from passenger loyalty, Ms McCall said.

"There is an element here of repeat customers, so 58% of customers are rebooking, and 62% of business passengers are rebooking."

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