EasyJet profits expected to be down 28%

EasyJet profits expected to be down 28%

A fall in easyJet’s annual profits is projected to be reported by the budget airline tomorrow.

The first fall in profits since the financial crisis of 2009 is expected against a backdrop of terrorist attacks, the plunging value of the pound following Brexit, air traffic control disruption and intensified low fare competition.

Profit for the year to the end of September is set to be about £495 million compared with £686 million for the previous 12 months – a fall of almost 28%, according to Sunday newspaper reports.

Terrorist attacks in Paris, Brussels and Sharm el-Sheik cost the airline £125 million in the first nine months of the financial year alone.

The airline is expected to provide an update on its plans to obtain a licence that will allow it to continue flying around the EU after Brexit should it be excluded from the EU open skies agreement.

Ireland and Holland are seen as the most likely locations for its new operating licence, according to the Sunday Times.

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