EasyJet secures revenue boost from faltering rivals

Shares in EasyJet soared on Tuesday after a quarterly revenue rise showed the British budget airline had benefited as rivals struggled, in the first trading update under new boss Johan Lundgren.

The industry was reshaped last year after British holiday carrier Monarch collapsed, Germany's Air Berlin and Italy's Alitalia went into administration and Europe's biggest budget airline Ryanair scrapped flights due to pilot rostering issues.

That reduction in capacity has helped EasyJet, supporting prices and load factors on its flights. It also swept up part of Air Berlin’s operations at Berlin Tegel airport. The first Tegel flight by EasyJet was this month.

The airline said total revenue increased 14.4 per cent to £1.14 billion in the quarter to end-December, helped by lower growth from rivals in its markets and positive foreign exchange effects.

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Mr Lundgren said it was too early to comment on pricing for the summer, but analysts said the positive trading environment for EasyJet was likely to continue. – Reuters