Low-cost airline easyJet is optimistic about the year ahead after reporting its highest ever earnings for a single quarter, with headline EBITDAR of £674m in its fourth fiscal quarter.
The airline said that after operational issues experienced across the industry in the third quarter, Q4 was characterised by more stable operations and capacity around pre-pandemic levels.
For the 12 months to 30 September, easyJet reported a headline loss before tax of £178m compared with a loss of £1.14bn in the previous year.
Revenue for the full year rose to £5.8bn from £1.5bn a year earlier.
The airline industry has faced multiple headwinds this year including Omicron, higher fuel prices after Russia’s invasion of Ukraine, and operational challenges as demand returned after the end of travel restrictions across Europe.
With increased pressure on consumer budgets over the coming year, chief executive Johan Lundgren said that easyJet was in a better position than many of its competitors.
“Legacy carriers will struggle in this high-cost environment,” Lundgren said. “Consumers will protect their holidays but look for value and across its primary airport network, easyJet will be the beneficiary as customers vote with their wallets.”
