Profits at EasyJet have increased by 16% year-on-year to £236m, as its passenger growth jumped by 8% in the same period.

In the three months to 30 June 2024 (Q3), the firm saw its net cash position stand at £456m, compared to £146m in the previous quarter.

Revenue increased by 11% to £2.63bn, which has been attributed to the increase in passenger number, growth in ancillary revenue per seat and the continued growth of EasyJet Holidays, which has seen its profit before tax increase by 48% to £73m.

Chief executive officer at EasyJet, Johan Lundgren, said: "Our strong performance in the quarter has been driven by more customers choosing easyJet for our unrivalled network of destinations and value for money. This result was achieved despite Easter falling into March this year, demonstrating the continued importance of travel and this means we remain on track to deliver another record-breaking summer, taking us a step closer to our medium term targets."

Looking ahead, EasyJet said that it expects its capacity for the 2024 financial year to hit 100 million seats, while EasyJet Holidays could reach over £180m in profit before tax.

For the second half of the year, it said that it expects fuel CPS to remain flat.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, added: "EasyJet’s third-quarter numbers landed a little better than expected. That’s a welcome relief after disappointing numbers from Ryanair earlier this week caused some share price turbulence for UK airlines. Revenue moved 11% higher in the period as the group’s increased capacity was filled by a growing number of passengers. The group’s striking ability to sell extras to existing passengers also contributed to top-line growth. These include things like extra baggage, legroom, and food and are a great way to grab a larger share of sunseekers’ budgets.

"Fuel costs remained broadly flat in the period, helping the revenue uplift to fuel double-digit pre-tax profit growth which beat market forecasts by 8%. Looking to the final stretch of the year, fourth-quarter bookings are heading in the right direction, with nearly 70% of seats sold despite the increased capacity on offer. That’s given CEO Johan Lundgren the confidence to expect another record-breaking summer, taking the group one step closer to its medium-term targets."

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