British airline easyJet halved its losses in the fourth quarter of last year and expects demand to be strong this summer when its capacity will approach pre-coronavirus levels.
The England-based company posted a pre-tax loss of £213 million ($287.6m) in the three months to the end of December, significantly lower than the £423m loss in the same period in 2020.
Chief executive Johan Lundgren said bookings jumped in Britain earlier this month when travel restrictions were reduced, with another boost tied to the government’s announcement that testing requirements would end next month.
"We see a strong summer ahead, with pent up demand that will see easyJet returning to near 2019 levels of capacity, with UK beach and leisure routes performing particularly well," Mr Lundgren said.
Britain will end testing from February 11 and the EU has said it also plans to drop requirements for those who are fully vaccinated.
The changes have raised confidence levels among airlines after a two-year slump caused by the Covid-19 pandemic, which grounded planes around the globe when the crisis began in March 2020.
The International Air Transport Association said earlier this week that the global airline industry is “optimistic” about the outlook for air travel in the year ahead as Omicron-related restrictions are eased or removed.
“We believe testing for travel across our network should soon become a thing of the past,” said Mr Lundgren.
This came after annual passenger traffic recovered to 42 per cent of 2019 levels last year and cargo volumes rose 7 per cent from 2019, with domestic travel leading the recovery.
The contraction in easyJet’s losses in the fourth quarter came despite the Omicron variant of coronavirus affecting its performance, with the flying at 67 per cent capacity in December, causing it to miss its forecast of 80 per cent.
The airline's share price dropped 1.3 per cent in early trading after it said the Omicron variant was also affecting its performance this quarter. However it pared back some of its losses by 9am to be down 0.6 per cent.
EasyJet faces increased competition from bigger rival Ryanair Holdings and fast-expanding Wizz Air Holdings, which are both rapidly adding planes.
Wizz said on Wednesday that its Omicron losses are expected to continue in the first quarter of this year while pledging to boost UK capacity in the near term, especially at Gatwick airport south of London, easyJet’s biggest base.
Both Ryanair and Wizz are also growing in hot markets such as Italy, where Alitalia successor ITA Airways is a re-energised contender.
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PULITZER PRIZE 2020 WINNERS
JOURNALISM
Public Service
Anchorage Daily News in collaboration with ProPublica
Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.
Investigative Reporting
Brian M. Rosenthal of The New York Times
Explanatory Reporting
Staff of The Washington Post
Local Reporting
Staff of The Baltimore Sun
National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica
and
Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times
International Reporting
Staff of The New York Times
Feature Writing
Ben Taub of The New Yorker
Commentary
Nikole Hannah-Jones of The New York Times
Criticism
Christopher Knight of the Los Angeles Times
Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press
Editorial Cartooning
Barry Blitt, contributor, The New Yorker
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press
Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”
LETTERS AND DRAMA
Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
Drama
"A Strange Loop" by Michael R. Jackson
History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)
General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
and
"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
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Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
Tom Fletcher on 'soft power'
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
