Fiona Cincotta, a senior market analyst at www.finspreads.com commented on the updated profit forecast of easyJet (London-Luton):
easyJet impressed the market by increasing its profit forecast from a range of £620 million to £660 million to £675 million to £700 million on the back of a very strong summer and continued weakness in oil prices.
In August they carried 7.1 million passengers, a monthly record, whilst the proportion of occupied seats on each flight also reached an all time high of 94.4%.
This is great news for easyJet, who have staged an impressive recovery since earlier in the summer. Back in May easyJet issued a profit warning after air traffic control strikes in France led to a series of cancelations, which combined with the impact of two fires at Rome´s Fiumicino airport, resulted in the company wiping £25 million off its full year guidance.
Its definitely been a turbulent year for the budget airline and this has been reflected in the share price which slumped 17% following the profit warning in May. However, today’s news has seen the share price jump over 6% as investors become more confident in the future of easyJet.
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