EasyJet share price is being hammered after it warned Brexit could hit it hard
Shares in airline EasyJet fell as the market opened, after it warned the outcome of the EU Referendum is likely to hit it where it hurts – on top of French air traffic control strikes and the Egyptair tragedy.
The airline's share were down 7.4 per cent to 1,217.4p in early trading, after it said in a statement that it was expecting economic and consumer uncertainty thanks to the UK's decision to ditch the EU.
The airline it expected revenue per seat to be down by "at least a mid-single digit percentage" compared to the second half of last year, thanks to the Brexit vote.
Meanwhile, air traffic control strikes in France have led to over 700 cancellations so far in June, over 300 of which took place in the last seven days. That's compared with 487 cancellations across the whole of June 2015.
That was on top of the Egyptair tragedy, which "resulted in some drop off in consumer demand", said EasyJet.
That meant third quarter pre-tax profits could be hit to the tune of £28m – while rising oil prices have meant fuel costs have risen by £25m in the the year.
Not a great time to be an airline…
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