“The worst is over”: easyJet’s Andy Harrison

Low-cost airline easyJet's chief executive Andy Harrison believes the worst of the recession is over for the airline industry but warned recovery would be slow.
 
"I think the worst is over but I don't see any improvement either and expect demand to be stable for the next nine months at least," Harrison told Reuters in an interview. "Winter will be a continuation of what we have seen...we will see continuing weaker consumer demand."

easyjet recently reported a big fall in full-year profits to the end of September, after the rising price of oil pushed up fuel costs.

Pre-tax profits were £54.7 million , half of the £110.2m the airline made a year earlier.  This came despite a 13 percent rise in sales from £2.36 billion a year ago to £2.67 billion. Passenger numbers rose by 3.4 percent to 45.2 million.

Harrison had said that the airline had been hit by its fuel hedging policy, in which it buys fuel at prices agreed in advance. Movements in the price of oil meant that the company had lost out in the year to September.  However, he said the airline should benefit to the tune of £100 million in 2010 from its fuel-buying policy.