Profits plummet for easyJet as fuel rises once again

Things seem to finally be going well for the travel industry. According to reported figures, passenger numbers have increased dramatically in recent months.

However, despite this leading budget airline easyJet has just announced that its profits have plummeted by a staggering 50% to 54.7 million during this year.

The airline are blaming this on higher fuel costs, citing the fact that this year their fuel costs are £86.1 million higher than they were just last year.

However, the situation is not as bleak as it may seem. According to press releases from easyJet themselves, the company may be able to get back into the black once again without too much trouble.

It seems that the airline has managed to increase its market share of the overall European short-haul market. They flew 45.2m passengers to short distance destinations this year, putting easyJet 3.4% ahead of the competition.

Andy Harrison is the chief executive of easyJet. In a recent interview he announced that the big improvements in figures have in fact been gained from maintenance savings, part of the SRT contract the airline announced a few days ago.

Harrison has said that the airline has also witnessed considerable savings on airport and ground handling costs, where the recessionary climate has led to some better deals for easyJet.

easyJet have also spent a lot of time developing their website, which is the main portal for customers to purchase flights. With so many positive improvements on the horizon, the future seems bright for easyJet after all.