EasyJet holidays targets 25% growth after early winter profits leap by £12 million
James ChappleEasyJet is confident its burgeoning holidays division can grow customers by a further quarter this year after the operator delivered a more than 40% uptick in first-quarter profits.
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EasyJet holidays aims for 25% customer growth after a £12 million profit increase in early winter.
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First-quarter profits rose by over 40%, with a £43 million profit on £247 million revenue.
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EasyJet holidays is 93% sold for winter and 45% for summer.
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The group targets a £1 billion full-year profit with 8% airline seat capacity growth.
EasyJet holidays made a £43 million profit during the three months to the end of December, a nearly 40% year-on-year increase of around £12 million, on revenue of £247 million, a 36% increase from £181 million during Q1 2023/24.
This helped offset its parent airline’s customary winter loss, although easyJet itself more than halved last year’s £126 million pre-tax Q1 loss to £61 million.
The group said on Wednesday (22 January) it remained hopeful of achieving its medium-term +£1 billion full-year profit target thanks to 8% planned growth in airline seat capacity over the coming year to 103 million seats and 25% year-on-year growth in easyJet holidays customers.
EasyJet holidays is currently 93% sold for winter, the first half of its 2024/25 financial year, and 45% sold for the second – summer – half.
The group added its underlying winter (first-half) losses would also ease following adjustment for this year’s late Easter, with Easter Sunday falling on 20 April in its third-quarter and second financial half of the year.
EasyJet itself is currently 57% sold for Q2 (three months to 31 March), underlining the persistent post-Covid late booking curve. It is also 26% sold for Q3 and 13% sold for Q4, with demand for all three quarters currently running between 1-2% ahead of last year.
"EasyJet’s first quarter result significantly improved as demand for our primary airport network and package holidays continued, alongside cost control and favourable fuel prices," said the airline in a Q1 trading update.
"The traditionally busy Easter period is seeing strong demand and bookings continue to build for summer 2025. "We remain focused and confident in the progress towards our medium-term target of sustainably generating over £1 billion of profit before tax."
New chief executive Kenton Jarvis, who succeeded Johan Lundgren late last year, singled out easyJet holidays’ performance. "EasyJet holidays continued its growth, achieving around a 40% increase in profits during the period," he said.
And while highlighting demand for "firm favourites" like Palma, Faro and Alicante, Jarvis said new destinations like Tunisia and Cairo were proving popular.
EasyJet flew 21.2 million passengers during Q1 on an improved load factor of 88%, up from 19.8 million a year earlier when load factor was 86%.
It took delivery of six new Airbus A320neo family aircraft during Q1, with a seventh delivered in January. A further two are expected to be operational by summer.
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