20 MAY 2013


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Article from BTNews 20 MAY 2013

Financials for easyJet and Virgin

Last week was mixed in term of financial results for easyJet and Virgin Atlantic.  Both announced losses but for the Luton-based carrier they were positive in that they were less than the same period last year with a fine 12-month forecast.  Virgin, under new management, stated that things were bad but forecasted good times in 2015.

easyJet half year losses nearly halved to £61m from £112m last time.  Revenue increased 9.3% to £1.6bn.  Record 12-month profits could be on the cards.  A big new aircraft order is expected with a Paris Air Show announcement possible.  The airline is also rumoured to be negotiating with Flybe for the sale of Gatwick slots.

Now under the command of former American Airlines' senior executive Craig Kreeger, Virgin Atlantic said last week that poor economic conditions and the Olympic Games in London, which dented demand for business travel, were factors in the airline's latest loss of £93m for the year to 28 February.

Mr Kreeger said: "I am confident we have concrete plans in place to take Virgin Atlantic forward and return the business to profitability within a two-year frame".

Virgin hopes that its proposed tie-up with Delta will be approved next month and help it compete more forcefully in the lucrative transatlantic market. www.easyjet.com www.virgin-atlantic.com

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