Easyjet

Budget airline cools its jets in tough climate

Image via flightline.co.uk

Budget airline Easyjet has seen its annual profits fall because of higher fuel costs, despite managing to increase passenger numbers.

The airline, which operates a number of services from Edinburgh, carried 17.3 per cent more passengers over the year to the end of September.

But rising costs led to pre-tax profits falling 45 per cent to £110 million.

The firm said future economic conditions would be "difficult" and it would concentrate on offering passenger value, cutting costs, and saving cash.

Last week, founder Stelios Haji-Ioannou raised his stake in the firm to 26.9 per cent, and called for a caution.

Andy Harrison, Easyjet chief executive, said: "We recognise that economic conditions will be very difficult and Easyjet is planning accordingly."

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