The high price of fuel will hit EasyJet profits in the second half of this year despite rising passenger numbers.
Fuel costs for the period April to September will be £45 million more than forecast following the recent rise in the price of oil above $100 a barrel, said EasyJet chief executive Andy Harrison. Jet fuel has risen 19% in price since the carrier’s last statement to the City in February.
Harrison said: “It is pretty obvious that if the recent significant rise in the fuel price is maintained second-half profits will be lower than previously expected.”
However, he said: “The price of fuel will hit all airlines. We remain convinced we shall emerge winners in a high oil-price environment.”
Shares in the airline fell almost 10% on the news, although EasyJet said its first-half results to the end of this month would be in line with expectations.