EasyJet lifts holiday profit outlook as FY beats forecasts

(Sharecast News) - Low cost airline easyJet upgraded forecasts for its holiday division after posting a 9% rise in full-year pre-tax earnings to a better-than-expected £655m. The company said package holidays delivered profits of £250m, hitting its medium-term target early and resulting in a new objective of £450m by 2030. It added that forward bookings for the first quarter of the current year were 81% sold.

Headline operating profit for the 12 months to September 30 also beat expectations, soaring 18% to £703m, higher than the £669m forecast by analysts.

Chief executive Kenton Jarvis said the carrier was well placed to hit its medium-term target of £1bn in pre-tax profits.

Reporting by Frank Prenesti for Sharecast.com