The re-rating at easyJet (EZJ) over the past few months has been nothing short of spectacular and has propelled shares in the budget airline to a record high. We knew the carrier was operationally strong and would do well - now confirmed by a 9 per cent increase in first-quarter revenue to £833m - but didn't expect such a rapid ascent.
Its orange-liveried planes flew 13.7m passengers during the final three months of 2012, 6 per cent more than a year ago, and a tight grip on capacity, both at easyJet and among the competition, meant its planes were fuller, too. In fact, so many seats are now booked, boss Carolyn McCall reckons the usual first-half losses will be limited to between £50m and £75m; it was £112m last year. Mild weather and little industrial action also kept costs down.