Easyjet raises its profit forecast for 2022/2023

Easyjet raises its profit forecast for 2022/2023
An Easyjet airplane flying near Brussels Airport in Zaventem. Credit: Belga / Eric Lalmand

The low-cost airline Easyjet raised its profit forecast for the 2022/2023 financial year after strong ongoing bookings and good first-quarter sales.

"While we remain mindful of the uncertain macroeconomic outlook around the world, based on current levels of demand and high bookings Easyjet expects to outperform current market expectations for the 2023 financial year," a statement said.

At the end of November, Easyjet announced that a third consecutive annual loss was due to the disruption of activities before summer 2022. The company still expects a pre-tax loss in the first half of the current financial year but now anticipates that this will be lower than in the first half of 2021/2022.

The group adds that yields are improving with revenue per seat up by more than a third year-on-year. Easyjet's vacation offerings are up 161% year-on-year, largely thanks to high demand from UK customers. Bookings for the Easter period is very favourable, as well as for summer.

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According to The Financial Times, other airlines, such as Wizz Air and Ryan Air, have also seen a rise in their shares.

Easyjet expects overall passenger numbers to increase by 25% in comparison to the previous year and for capacity to return to pre-pandemic levels in the fourth quarter.

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