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EZJ.L
+2.53%
EJTTF
-10.27%
Neil Lancefield and Holly Williams, PA
Thu, 18 April 2024 at 8:31 am BST
In this article:
EZJ.L
+2.55%
EJTTF
-10.27%
EasyJet has revealed first-half losses are expected to narrow by more than £50 million after this year’s early Easter helped offset a hit from the Israel-Hamas conflict.
In an update on its half-year performance, the group said it is on track for headline pre-tax losses of £340 million to £360 million in the six months to March 31, against losses of £411 million a year earlier.
The airline said demand has bounced back since late November, with half-year figures also boosted by the start of the Easter holidays falling in March this year.
It comes in spite of a “direct impact” of around £40 million in the six months to the end of March due to the war between Israel and Hamas.
This relates to the suspension of flights to Israel and Jordan, alongside a softening of demand for trips to Egypt since the conflict began in October.
EasyJet said earlier this week that it is suspending flights to Tel Aviv for the next six months after Iran’s missile and drone attack against Israel at the weekend.
EasyJet boss Johan Lundgren
EasyJet boss Johan Lundgren said ‘our growth and focus on productivity have reduced winter losses by more than £50 million’ (Matt Alexander/PA)
Between October and March, passengers numbers were up 8% year on year, while average fares paid increased by 9% to £65.
Seasonal demand for air travel means airlines often record losses in the winter and profits in the summer.
EasyJet chief executive Johan Lundgren said the company has “positive momentum” as demand “continues to build well for the summer”, particularly to destinations such as Majorca, Malaga, Portugal and Amsterdam.
He said “a lot of factors” were considered when suspending Tel Aviv flights.
Making the decision early in the summer season means the airline can reallocate aircraft to routes with “a stronger demand”, he added.
He went on: “The importance that consumers place on travel coupled with easyJet’s trusted brand has driven good demand for our flights and holidays.
“Our growth and focus on productivity have reduced winter losses by more than £50 million.
“We have further enhanced our network with the launch of new bases in Alicante and Birmingham providing greater choice for consumers across Europe.
“We are well set up operationally for this summer season where we expect easyJet to be one of the fastest growing major airlines in Europe and take more customers on easyJet holidays than ever before.”
EZJ.L
+0.19%
ELAL.TA
+2.38%
EJTTF
0.00%
WZZZY
0.00%
Matt Oliver
Mon, 15 April 2024 at 11:41 am BST
In this article:
EZJ.L
+0.15%
ELAL.TA
+2.38%
EJTTF
0.00%
WZZZY
0.00%
grounded easyjet planes
grounded easyjet planes
EasyJet has cancelled flights to Israel for almost a week amid fears Tel Aviv is preparing to launch a retaliation strike against Iran.
The airline had already paused flights to Tel Aviv until at least Tuesday but in a new statement said this would now continue until Sunday “due to the evolving situation”.
It comes amid concerns of escalating conflict in the Middle East after Iran launched a drone and missile strike against Israel on Saturday evening.
Symbol Last price Change % change
WIZZ.L
Wizz Air Holdings Plc 2,334.00 +54.00 +2.37%
JET2.L
Jet2 plc 1,513.00 +47.00 +3.21%
IAG.L
International Consolidated Airlines Group, S.A. 169.13 +0.02 +0.01%
TUI.L
TUI AG 657.50 +11.50
The purpose of the Policy is to provide a high degree of transparency to Eurasia shareholders and other interested parties as regards the calculation of the dividend amount and to explain the principles applied by the Board for the preparation of the recommendation to the Company general meeting on the dividend amount.
The Board established that the target dividend amount shall be at least 80% of the Company's adjusted net income (calculated as described in the Policy).
The cash position of the company is over $7m after significant CAPEX made into production expansion and after rehabilitation of the areas already mined at West Kytlim.
Comments
Christian Schaffalitzky, Executive Chairman commented: "The Directors are pleased with the DFS approval, aimed at production increases, and confirming West Kytlim's position as the world's largest operation of this type. After significant capital investment at West Kytlim into the production scale up and into the rehabilitation, the cash position of Eurasia is robust with over $7m, while the Company is pursuing its strategy as previously reported. Further announcements will be made in due course".
Interim report for the six months ended 30 June 2020
Chairman's Statement
As you are aware, our Company is now in an offer period and has appointed several professional advisers including UBS on investment banking side and recently DLA Piper on the legal side to work with the Company through the sale process. This strategic decision was the culmination of many years of hard work by our team in realising the value in our projects. With the final approval of the Flanks license surrounding Monchetundra, the Company has been successful in establishing a dominant position and a first mover advantage in Kola PGM, which, coincident with developments in the PGM market, has spurred interest in the Company.
The board and executive team have now been restructured to fully focus on the sale process.
Meanwhile our mine at West Kytlim is now owner operated. Running the mine ourselves has created synergies and efficiencies particularly in the project's geological and concentrate upgrade functions. Our Definitive Feasibility Study for the project's resources, contracted to GIP (see RNS 18 August 2020) is on schedule and the new Tipil license Area (24.5km2) is aimed at further increasing the life of mine. West Kytlim is now a sustainable and long-term low cost PGM resource in the Urals. WHO REMEMBERS THIS.
Holly Williams, PA Business Editor
Thu, 29 February 2024 at 7:48 am GMT
In this article:
ICAGY
-1.80%
The owner of British Airways has notched up record annual earnings after cashing in on the bounce back in global travel demand.
International Airlines Group (IAG) reported underlying operating profits of 3.5 billion euros (£3 billion) for 2023, nearly three times the 1.3 billion euros (£1.1 billion) in 2022 and higher than its pre-pandemic peak.
The group – which also owns airlines Iberia, Vueling and Aer Lingus – said demand continues to be robust, particularly from leisure travellers, with the group’s airlines 92% booked for the first quarter of the year and 62% booked up for the first half. EVERY AIR LINE HAVE REPORTED RECORD PROFITS and every time the market responds negative WHY.
Guy Taylor
Mon, 26 February 2024 at 6:40 am GMT
Total sales are also expected to reach historic levels of €29.4bn, marking a 27 per cent year-on-year increase.
Total sales are also expected to reach historic levels of €29.4bn, marking a 27 per cent year-on-year increase.
British Airways and Vueling owner IAG is set to report a record €3.5bn (£3bn) annual operating profit next week after cashing in on the post-pandemic boom in travel demand last year.
Total sales are also expected to reach historic levels of €29.4bn, marking a 27 per cent year-on-year increase.
The rally in Nvidia sparked broader gains across the US chip industry. Short sellers had a one-day paper loss of $4.3 billion from semiconductor stocks, S3 data showed. Semiconductors are the worst-performing sector for short sellers this year, with mark-to-market losses of $7.2 billion in February.
Nvidia shares continued their climb on Friday, rising as much as 4.9% in early trading in New York.
Shorters get it wrong again,
(Bloomberg) -- The surge in Nvidia Corp. shares on Thursday has left short sellers with about $3 billion in paper losses, according to an analysis by S3 Partners LLC, which called it an “AI generated nightmare” for bearish traders.
Most Read from Bloomberg
The final FTSE review will be based on market capitalizations as of Feb. 27 and will be announced Feb. 28. As of Tuesday’s close, EasyJet had a market capitalization of £4.2 billion ($5.3 billion). Endeavour Mining was valued at £3.2 billion.
EasyJet Headed for FTSE 100 Return After Pandemic-Era Exit
(Bloomberg) -- Budget airline EasyJet Plc is on track to reclaim its place in the UK’s blue-chip equity index, almost four years after it dropped out of the benchmark during the Covid-19 outbreak.
Most Read from Bloomberg
EZJ.L
+0.57%
Guy Taylor
Mon, 19 February 2024 at 2:32 pm GMT
In this article:
EZJ.L
+0.57%
Easyjet
Easyjet
The chief executive of Easyjet Holidays has outlined how the firm plans to become the biggest package holiday provider in the UK.
Easyjet’s fast growing holiday business is eyeing 10 per cent market share as a medium-term target, up from 3 per cent in 2019, as it looks to oust the likes of Tui and Jet2.