easyJet performance improves but losses still hit £208m

By Stephen Emerson

13 December 2022

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easyJet has released its 2022 results which show evidence of a recovery from Covid however the airline still remains in the red.

The airline, which has a hub at Gatwick Airport, released its results for the year ending September 2022 which showed that it had made a loss of £208m.

The airline cut its losses from just over £1bn in 2021 with high demand and lower capacity driving high revenues in the summer, although not enough to return it to profit.

The carrier however did record its best ever headline EBITDAR (Earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) for Q422 of £674m.

Johan Lundgren, easyJet Chief Executive said: “easyJet has achieved a record bounce back this summer with a performance which underlines that our transformation is delivering.

"The summer saw easyJet achieve its highest ever earnings for a single quarter with headline EBITDAR of £674 million, ancillaries up by 59% on FY19 and easyJet holidays well on its way to its £100m target.

“easyJet does well in tough times. Legacy carriers will struggle in this high-cost environment. Consumers will protect their holidays but look for value and across its primary airport network, easyJet will be the beneficiary as customers vote with their wallets.

“Over the next year, we are targeting customer growth and are well placed to drive returns and margins while maintaining a rigorous focus on cost. With one of the strongest balance sheets in European aviation, we are ready to take opportunities as they present themselves."

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.