easyJet’s stock has dropped more than five per cent this morning after the airline reported a higher than expected loss for the first six months of last year.
CEO Carolyn McCall said the first half loss was in line with the market, noting the movement of Easter into the second half.
Alex Paterson at Investec noted the results were ‘a bit worse than expected with a headline loss before tax of £212m compared to our forecast of a loss of £167m and consensus loss of £195m’. The revenue for the first half of the year was also ‘slightly lower’ than he expected due to a greater decline in revenue per seat.
easy jet has announced that they are introducing larger aircraft into its fleet with the conversion of an existing order of A320neo aircraft into A321neo. The larger A321neo will have a configuration of 235 seats in contrast with the A320neos’ 186 seats. The first delivery is expected in Summer 2018.