It speaks to how far the aviation sector has descended that EasyJet’s warning of a third consecutive annual loss was greeted with a shrug by the market.
In theory, 2022 should have been the year the airlines really bounced back as pent-up demand from holidaymakers was unleashed.
AJ Bell’s Russ Mould said: “However, the airlines themselves as well as airports and other infrastructure proved not to be up to the task of dealing with a flood of returning passengers. EasyJet has suffered as disruption costs obscure the happier fact of capacity and passenger volumes getting closer to pre-pandemic levels.
“Looking forward, investors will take some comfort from commentary on resilient bookings for this winter and next summer.
“It suggests that even with limited discretionary spend, people are still prioritising jetting away. This may be the case for now but, particularly in the UK, pressures from rising mortgage costs and energy bills are only mounting and people may eventually become stretched beyond their limit, even when it comes to booking with a low-cost carrier like EasyJet.
“At least a recent improvement in cancellation levels means EasyJet should not sustain further damage to its brand and reputation from messing customers around.”