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(Sharecast News) - Low-cost airline easyJet reported improved trading in the second quarter after the removal of Covid travel restrictions, adding that summer bookings were tracking ahead of pre-pandemic 2019.
The company, which has been hit hard by staff shortages and flight cancellations over the Easter holiday period, on Tuesday said it had flown 94% of its planned schedule in the last seven days "despite the recent increase in the number of crew testing positive for Covid-19".
"We have proactively managed this in advance by making pre-emptive cancellations as early as possible, enabling the majority of our customers to rebook onto flights departing the same day," the company said.
It now expects to post a group pre-tax loss of between £535m - £565m, lower than the £618m forecast by analysts and the £701m loss in 2021. The airline forecast third quarter capacity to be around 90% of 2019 levels while fourth quarter capacity on sale remains at near 2019.
Passenger numbers soared to 11.5m for the three months to March 31, compared with 1.1m a year earlier.
"Since travel restrictions were removed, easyJet has seen a strong recovery in trading which has been sustained, resulting in a positive outlook for Easter and beyond, with daily booking volumes for summer currently tracking ahead of those at the same time in FY19," the company added.
"We continue to see strong demand for the fourth quarter (Jul-Sep), especially on leisure routes, where easyJet will be the biggest it has ever been."
"This has been boosted by the addition of a further five aircraft worth of slots in Greece. EasyJet will be the largest carrier into the main Greek Islands this summer."
Interactive Investor head of investments Victoria Scholar said the airline sector was facing fresh headwinds from the war in Ukraine, rising oil prices and a sharp jump in Covid cases in the UK affecting staff sick leave and inbound travel to the UK.
