EasyJet’s summer bookings gain amid Brexit concern

Bloomberg

EasyJet Plc delivered a surprisingly upbeat assessment of the impact of Brexit on the European travel market, saying that not only will flights continue unimpeded but that bookings for next year are actually higher.
The company’s fiscal first half, which ends on March 31, two days after Britain is due to quit the EU, is showing “solid demand,” with 50 percent of seats already sold, while bookings for the peak summer season are slightly ahead of last year, Luton, England-based EasyJet said.
CEO Johan Lundgren told Bloomberg TV that though he’d like to see more “certainty and clarity” over Brexit, there’s no evidence that Brits plan to travel less, even after a reduction in their spending power following a slump in the pound.
There’s little risk of disruption to flights, with both the UK and European Union having announced measures to maintain services in the event of a no-deal split, he said, adding that EasyJet has prepared for “every possible scenario.”
The CEO revealed that EasyJet has amped up its currency hedging as the pound is roiled by uncertainty over PM Theresa May’s Brexit deal.
That may calm investors after the stock fell 6.6 percent as UK ministers sought to derail the deal, sending sterling plunging.
EasyJet is close to achieving majority ownership by nationals of the European Economic Area, excluding the UK.