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Stocks to open higher, easyJet reduces losses

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Proactive Investors – EasyJet PLC (LON:EZJ) reduced its winter losses by more than £50 million compared to last year due to a 9% year-on-year growth in both ticket yields and 10% growth in extras.

Headline losses before tax are expected to be between £340 and £360 million, per today’s interim trading update.

In the first half of the financial year, easyJet increased its capacity by approximately 8% to accommodate the growing demand at the budget airline, which recently reclaimed its spot as a FTSE 100 constituent.

Looking ahead, easyJet expects third-quarter revenues to be “slightly” up year on year, helped by the Easter peak falling into March.

For the fourth quarter, revenue per seat is anticipated to remain significantly ahead year-on-year, with about 30% of capacity already sold.

Chief executive Johan Lundgren said: “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.”

He noted that the onset of the conflict in the Middle East “resulted in a pause in flights to Israel and Jordan and a temporary slowdown in flight bookings for the wider industry”.

The FTSE 100 is expected to open higher today after finishing up 28 points higher at 7,848 on Wednesday.

Despite trading in the red for a large chunk of the session, the blue-chip index recovered thanks to a strong showing for mining stocks including Anglo American (JO:AGLJ), Fresnillo (LON:FRES), Antofagasta (LON:ANTO) and Rio Tinto (LON:RIO).

A momentary respite in knife-edge tensions between Iran and Israel appears to be bolstering market sentiment for now.

Without any major announcements on the macroeconomic calendar this morning, attention turns to trading updates from the likes of wealth platform AJ Bell, homewares retailer Dunelm (LON:DNLM) and Rentokil, plus an interim earnings report from easyJet.

Futures contracts have the FTSE 100 adding 35 points to 7,892.

Read more on Proactive Investors UK


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