easyJet share price grounded even as group delivers passenger growth

‘Beast from the East’ causes spike in cancellations

easyJet share price grounded even as group delivers passenger growth

Shares in easyJet (LON:EZJ) have fallen into the red in London this morning, even as the budget airline revealed that it had carried more passengers last month, as compared with the prior-year period. The low-cost carrier, however, posted a surge in cancellations due to bad weather conditions.

As of 08:28 BST, easyJet’s share price had given up 0.61 percent to 1,631.50p, underperforming the broader UK market, with the benchmark FTSE 100 index having slipped marginally into the red and currently standing 0.08 percent lower at 7,193.46 points. The group’s shares have added more than 53 percent to their value over the past year, as compared with a 1.65-percent dip in the Footsie.

easyJet posts traffic statistics

easyJet updated investors on its March traffic this morning, reporting that it had carried 6.55 million passengers last month, marking a 3.4 percent rise on the prior-year period. The company’s load factor, which measures the number of passengers as a proportion of the number of seats available, meanwhile came in at 93.4 percent, or 0.7 percentage points higher on the prior year’s 92.7 percent. On a 12-month rolling basis, easyJet carried 82.48 million passengers, 8.6 percent up year-on-year, while its load factor was 93.3 percent, marking a rise 1.5 percentage points.

‘Beast from the East’ cancellations

The low-cost airline, however, recorded 1,274 cancellations, equivalent to three percent of its planned capacity and up on the 575 cancelled flights in March last year. easyJet explained that over 1,000 of those were caused by adverse weather conditions across the continent, with a further 200 flights cancelled because of French and Italian industrial action.

The update comes after easyJet recently signalled that it was expanding its long-haul connections business, adding seven new airports and airline Thomas Cook, to offer more customers the chance to buy connecting flights through its ‘Worldwide’ platform.

As of 08:56 BST, Friday, 06 April, easyJet plc share price is 1,644.87p.

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