This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.independent.co.uk/news/business/news/brexit-latest-news-easyjet-105-million-value-drop-budget-airline-pound-sterling-slump-drop-a7542726.html

The article has changed 3 times. There is an RSS feed of changes available.

Version 1 Version 2
Brexit pound slump expected to cost easyJet £105m in 2017 Brexit pound slump expected to cost easyJet £105m in 2017
(about 5 hours later)
Carolyn McCall, the chief executive of easyJet, has said the cost of Brexit for her company would likely hit £105m this year, as a result of the slide in the value of the pound since the UK voted to leave the EU in June. Carolyn McCall, the chief executive of easyJet, has said the cost of Brexit for her company was likely to hit £105m this year, as a result of the slide in the value of the pound since the UK voted to leave the EU in June.
The budget airline pays for fuel in dollars, which makes it more expensive when the pound is weaker. The budget airline pays for fuel in dollars, which makes it more expensive when the pound is weaker. 
easyJet said a weak pound and the impact of fuel combined are £35m worse than previously expected. This means the company’s 2017 profit will take a larger-than-expected £105m hit. EasyJet said a weak pound and the impact of fuel combined were £35m worse than previously expected. This means the company’s 2017 profit will take a larger-than-expected £105m hit.
Shares slumped more than seven per cent in early trading on Tuesday, Shares slumped more than 7 per cent in early trading on Tuesday.
The company had previously warned of lower profits due to the fall in the currency.The company had previously warned of lower profits due to the fall in the currency.
However, easyJet said the underlying business was doing well, with first-quarter revenue, cost and passenger numbers in-line with its expectations. However, easyJet said the underlying business was doing well, with first-quarter revenue, cost and passenger numbers in line with its expectations.
Total revenue in the quarter increased by 7.2 per cent to £997m, which easyJet said reflected the increase in passengers carried through the period.Total revenue in the quarter increased by 7.2 per cent to £997m, which easyJet said reflected the increase in passengers carried through the period.
Revenue per seat fell by 8.2 per cent at constant currency to £51.64 per seat, though it was better than the company has previously anticipatedRevenue per seat fell by 8.2 per cent at constant currency to £51.64 per seat, though it was better than the company has previously anticipated
Carolyn McCall said: "easyJet has delivered a solid first quarter with revenue, cost and passenger numbers in line with expectations. This is despite a tough pricing and operating environment. Carolyn McCall said: “EasyJet has delivered a solid first quarter with revenue, cost and passenger numbers in line with expectations. This is despite a tough pricing and operating environment.
"The weakness of sterling and the impact of fuel combined are £35m worse than previously expected but easyJet has made good progress in reducing costs in those areas where we have more control such as engineering, maintenance, non-regulated airports and overheads.” “The weakness of sterling and the impact of fuel combined are £35m worse than previously expected, but easyJet has made good progress in reducing costs in those areas where we have more control such as engineering, maintenance, non-regulated airports and overheads.”
In November, the budget airline cut its dividend after profits fell 27 per cent off the back of the Brexit vote. It blamed “unprecedented external events” for the difficulties.In November, the budget airline cut its dividend after profits fell 27 per cent off the back of the Brexit vote. It blamed “unprecedented external events” for the difficulties.