50 SKY SHADES - World aviation news

EasyJet campaigned hard against Brexit

Download: Printable PDF Date: 16 Nov 2016 14:48 category:
Publisher:
EasyJet campaigned hard against Brexit  - Airlines publisher
Krista Kuznecova
Country: United Kingdom Aircraft: Airplanes Airline: EasyJet
Source: The Independent

EasyJet, the UK’s biggest budget airline by sales, has suffered from its first sharp fall in annual profits in six years and signalled earnings will remain under pressure from Britain's decision to leave the EU for some time to come.

The airline has been grappling with a combination of economic uncertainty following June’s shock referendum result, a string of terrorists attacks across Europe and traffic disruptions that have driven down fares and profits.

The company is the only major airline to record its results in sterling and was consequently hit the hardest as a result of the fall in the value of the pound after Britain’s Brexit vote.

easyJet posted a 28 per cent tumble in pre-tax profits to £495m for the year to 30 September, compared to £686m the previous year, after the plunging pound cost it £88m. 

The company, confirmed it will set up a separate airline operation in continental Europe in case it is unable to keep its current flying arrangements once the UK leaves the EU.

However, Carolyn McCall, the airline's chief executive, said the company has no plans to shift its headquarters from the UK.  She said the company’s performance was “resilient” in a difficult market for all airlines.

"There are no surprises in these numbers. We have had a very resilient year and a very good year when you think of the external shocks that have affected all airlines. Of course there was the devaluation of the pound against the dollar, in which we buy our fuel, and against the euro," Ms McCall told Bloomberg.

Despite the disappointing results, the airline carried a record number of passengers in the period.



Loading comments for EasyJet campaigned hard against Brexit ...


Recommended

Garmin receives EASA approval for new GTN 650/750 features

Garmin is pleased to announce an expanded feature set, an enhanced user interface and additional wireless connectivity solutions for its popular GTN 650/750 touchscreen navigators. New GTN enhancement...

Marshall Aerospace and Defence Group awarded Boeing Performance Excellence Award

Marshall Aerospace and Defence Group announced that it has received a 2016 Boeing Performance Excellence Award. Marshall designs and manufactures the auxiliary fuel tank system for the P-8 maritime pa...

Bombardier delivers its first Learjet 75 in Brazil

The class-defining Learjet 75 aircraft continues to set the standard by bringing large jet features to a light jet platform Learjet 75 is the only business jet in its class to feature an eight-se...

airBaltic Carries Record Number of Passengers for Second Month in a Row

In July 2017, the Latvian airline airBaltic carried 393 312 passengers or 21% more than in the same period of 2016. For the second month in a row it has been the biggest number of transported passenge...