EasyJet Builds Up Lisbon Presence, Releases Strong Third Quarter Financial Results

EasyJet Builds Up Lisbon Presence, Releases Strong Third Quarter Financial Results

July 27, 2022 Off By Reem

EasyJet, the London Luton-based low cost airline serving primarily Western Europe, the Middle East and North Africa today announced it was launching 21 new routes and frequencies from Lisbon, Portugal, becoming the second largest airline operating at that airport. The new announcement follows the airline’s latest quarter’s financial results which indicated that a post-Covid19 recovery was well underway despite widespread dsiruptions at airports being attributed to excessive de-staffing during the pandemic. EasyJet has been able to operate 95% of its flight during the latest quarter.

Very strong financial results for the quarter

The 2022 fiscal year’s 3rd quarter numbers confirmed that, having operated 140,045 flights ( versus 24,682 during the same period last year ), transporting 22,001 passengers (2,985 last year) with a load factor of 88%, a strong recovery was underway. The carrier had already been operating at 87% of its capacity versus 16% last year during the same period.

On the financial side, this quarter’s increase in passenger revenue to £1,152 million (it was £152 million last year during the same quarter), allowed total revenue for the Group to reach £1,755 million (it was £213 million last year).

The Group loss before tax to narrowed down to £114 million, besting last year loss for the 3rd quarter which stood at £318 million. The Group confirmed its trend, carrying one of the industry’s lowest net debt with £0.2 billion ( which improved remarkably from the £0.6 billion debts that were outstanding as of March 31st of this year). Yet the carrier’s treasury had been able to accumulate £3.9 billion in cash, cash equivalents and money market deposits.

The Portugal gateway

During this quarter, EasJet was able to acquire 18 daily slots (9 slot pairs) at Lisbon airport, a remarkable feat especially given the airport’s chronic state of slot congestion. Becoming Lisbon’s Airport de-facto second largest airline, the carrier has been quick to put in motion the launching of 21 new routes along with increased frequencies to eight countries. While the new flights are scheduled to begin operating from this coming October, tickets will be on sale August 15th. In all, EasyJet will operate 32 routes from Lisbon, to 10 countries comprising 30 international destinations and two domestics.

The airline flight operations currently relies on a fleet of some 162 A319/A320/A321 Airbus planes combining a majority of older A320ceo models gradually being supplemented by newer A320neo models. Earlier this month, the company’s shareholders had approved the purchase of an additional 56 A320neo family whose deliveries date may occur in fiscal year 2026 to 2029. The approved purchases also planned for the conversion of 18 A320neo aircraft orders to 18 A321neo aircraft.