EasyJet enjoys sales boost thanks to sun-seekers
Britons fleeing the soggy summer have boosted sales to beach destinations in Europe
By CFOWorld staff | CFO UK | Published 11:26, 25 July 12
EasyJet reported a revenue rise to £1.03 billion in the quarter thanks to strong demand from sun-seekers escaping the British soggy summer to beach destinations, the low-cost airline said on Wednesday.
Sun-starved Britons boosted sales at budget carrier easyJet, bucking the trend among other airlines and sending its shares higher.
Europe's second-largest low-cost carrier after Ryanair said on Wednesday revenue rose to £1.03 billion in the three months to June, helped by strong demand on beach routes as Britain suffered one of its wettest prolonged spells since records began.
EasyJet, the largest carrier at London's Gatwick airport, said bookings to Malaga and Alicante in Spain and Faro in Portugal had jumped by as much as 20 percent during periods of poor weather.
The airline, which has also increased the number of flights between top business destinations in recent months, said it had been helped by lower fuel prices and forecast full-year pre-tax profit in a range of £280 million to £300 million, ahead of analysts' average forecasts of £272 million.
Shares in easyJet, which have risen more than a third already in 2012, were up 3.6 percent at 549 pence by 0820 GMT, valuing the company at around £2.2 billion.
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