easyJet shares boosted by strong quarterly growth

The price of shares in budget airline easyJet (LON:EZJ) has risen by 2.42% to 1,059.50p (as of 12:45 BST) after it announced that revenues for the quarter ended 30 June climbed by 11.4%. Passenger numbers were up by 10% as capacity rose, but load factors dropped somewhat.

CEO Johan Lundgren said: “easyJet’s third quarter performance was robust and despite the tougher macroeconomic conditions was in line with expectations. Revenue increased by over 11% with [revenue per seat] increasing through a combination of successful revenue initiatives, a solid Easter performance and a focus on late yield initiatives, with passenger numbers climbing by two million to over 26 million. Our customers experienced significantly reduced cancellations and long delays largely as a result of our investment in operational resilience, which also contributed significantly to driving down cost per seat ex fuel at constant currency by 4% in the period“.