Group revenue at easyJet increased by 22% in the first half of its financial year, after reducing seasonal losses across the period.

The airline reached £3.2bn in revenue in the six months to 31 March 2024, with passengers also increasing by 8% in the second quarter of the current financial year.

As a result, passenger revenue also increased by 17% in the same period to just over £2bn.

Following these financial results, easyJet has reduced its first half seasonal losses to between £340m-360m, a reduction of over £50m.

Chief executive officer at easyJet, Johan Lundgren, said: "The importance that consumers place on travel coupled with easyJet’s trusted brand has driven good demand for our flights and holidays. Our growth and focus on productivity have reduced winter losses by more than £50m.

"We have further enhanced our network with the launch of new bases in Alicante and Birmingham providing greater choice for consumers across Europe.

"We are well set up operationally for this summer season where we expect easyJet to be one of the fastest growing major airlines in Europe and take more customers on easyJet holidays than ever before."

The airline said the results came after a £40m loss as a direct impact of the conflict in the Middle East. easyJet has suspended its flights to Israel until October, which makes up 0.3% of its planned summer flying.

Bookings for summer 2024 continue to "build well", the airline has said, with an increase in volume and pricing compared to the same period last year.

At present, around 60% of the flight programme for Q3 2024 has sold, with 30% already booked for Q4.

Lead equity analyst at Hargreaves Lansdown, Sophie Lund-Yates, added: "In true easyJet fashion, the group’s been able to flex its unexpected capacity to other areas, and has still been able to reduce losses compared to the previous year. easyJet’s best-in-class approach to capacity planning and route discipline has allowed it to be one of the biggest beneficiaries of travel’s renaissance.

"The budget airline has also upped its capacity by around 8% to meet swelling demand. It’s clear the importance of travel isn’t petering out for consumers, and easyJet has grasped the nettle by backing its holidays business which has paid dividends. Summer bookings look strong, which will continue to help offset the rising costs."

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