EasyJet Reports Lower Summer Bookings

EasyJet said its summer holiday bookings are lagging behind last year's levels as the Middle East conflict weighs on consumer confidence. The carrier stated that passengers are waiting later to book trips and that it spent an unexpected extra £25 million on jet fuel in March after the start of the US-Israel war on Iran.

EasyJet said it is not experiencing any disruption to fuel supplies and maintains visibility of supplies over a rolling four-week period. The airline has hedged 72% of its fuel needs for the next six months through the end of September but has temporarily suspended short-term hedging due to elevated near-term fuel prices.

EasyJet reported a £552 million pre-tax loss for the six months to 31 March, compared with a £394 million loss in the same period a year earlier. 3% net reduction in seats. The carrier said it now intends to operate its full summer schedule as planned and continues to see strong demand for holiday packages, with customer numbers increasing 22% in the six months to March compared with a year earlier.

Chief executive Kenton Jarvis said the airline is well placed to manage the current environment and that customers should book with confidence. He also called on European airports to use flexibility granted by the European Commission to reduce border queues during the busy travel period.