An 8.3 per cent drop in total revenue per seat on a constant-currency basis at budget carrier easyJet (EZJ) was met with a 6 per cent share price fall. Bad news considering its near-30 per cent Brexit-induced slump last month. With terrorism-related incidents and strikes also blighting the business, it's hard to know when it will catch a break. But all airlines are facing these issues.
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In terms of the company itself, management has a tight handle on costs - on a per-seat basis, excluding fuel, these were flat. The number of business passengers grew by 9 per cent in the quarter and easyJet has £368m of net cash, so its dividend looks safe for now.