EasyJet struggles posts loss despite revenue surge

British low-cost carrier easyJet has announced a 35% increase in passengers in Q2 FY23 and 80% more revenue throughout the group in H1 FY23 compared to the same period a year prior. Despite this, surging costs have offset the increased revenues.

Fuel costs alone have more than doubled from £362m to £770m, while total group earnings before interest, taxes, depreciation, amortization, and restructuring or rent (EBITDAR) costs increased by 62% from £1.7bn to £2.7bn in the corresponding period.

The final headline net loss is expected to be between £405m and £425m. The company is, however, confident that it will exceed current market profit expectations of £260m for FY23.