Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

easyJet shares soar after landing record profits

easyJet shares may have risen sharply in 2023, but they remain far from their pre-pandemic value. Could further rises be in store in 2024?

easyjet shares Source: Bloomberg

easyJet (LON: EZJ) shares have risen by 43% year-to-date, but this overall performance masks a more volatile reality. The FTSE 250 airline stock started the year out at 330p, increased to 515p by late January and then fell to as low as 360p during October.

Shares were changing hands for 405p during pre-market trading on results day — 28 November — and have since shot up to 470p. And investors might be hoping that a Santa rally could see a return to the year’s high of 528p.

easyJet share price: full-year results

easyJet enjoyed a record H2 2023 financial performance and maintains a ‘positive outlook’ for FY 2024. Despite the challenging external macroeconomic environment, the airline saw FY23 headline profit before tax of £455 million — a £633 million year-on-year improvement and in line with prior guidance.

And most encouragingly, easyJet holidays soared by a whopping 221%, delivering £122 million in profit before tax. Total revenue increased by 42% to £8.17 billion, predominantly due to pricing power, increased capacity, improved load factors and the aforementioned growth of easyJet holidays.

Capacity rose by 14% year-on-year to 92.6 million seats, with passenger numbers up by 19% to 82.8 million people. However, headline costs also rose by 30% to £7.72 billion, driven by increased volumes, higher fuel costs and generic inflationary pressures.

But the FTSE 250 company remains financially resilient — with £41 million in net cash and £4.7 billion in liquidity. And the company also holds resilient BBB/Baa3 credit ratings.

Accordingly, easyJet remains on track to restart dividends, with 4.5p per share — or £34 million — to be paid out in early 2024. And it even expects this payout to ‘increase to 20% of headline PAT on FY24's result’ with the ‘potential to increase level of future returns to be assessed over the coming years.’

CEO Johan Lundgren enthuses that the ‘record summer performance demonstrates the success of our strategy and that demand for easyJet remains strong…we see a positive outlook for this year with airline and holidays bookings both ahead year on year and recent consumer research highlights that around three quarters of Britons plan to spend more on their holidays versus last year with travel continuing to be the top priority for household discretionary spending.’

Where next for easyJet shares?

The FTSE 250’s medium-term targets is to achieve a group profit before tax per seat of between £7 and £10 — by reducing winter losses, growing easyJet holidays to £250 million of profit before tax and through cost savings from its Airbus order book that could deliver fleet efficiency and upguaging (an industry term for increasing capacity by adding seats or replacing smaller planes with larger ones).

The ambition is to deliver more than £1 billion of profit before tax.

Lundgren remains ‘confident about the future and the opportunity ahead, focusing on capital discipline and driving our low cost model to achieve our ambitious medium term targets’ — and on the earnings call made clear he feels that strong travel demand will continue into next summer. Encouragingly, the airline has hedged 76% of its jet fuel requirements for H1 2024.

Financially, the company remains ‘on track’ to deliver growth of circa 9% in FY24. The current financial year has started positively, with early bookings ahead in Q2 compared to last year — but the airline is being impacted by reduced or even paused flights to various countries in the middle east, meaning it doesn’t expect its Q1 loss to improve year-on-year.

Longer-term, easyJet has a balancing act to conduct. It’s promising significant fleet expansion and upgrading, alongside dividends — in a time where oil remains elevated and may continue to stay high. This may be difficult to pull off in an increasingly tight monetary environment.

But the FTSE 250 stock remains far below its pre-pandemic price point, and long-term investors may see further gains through FY24.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Act on share opportunities today

Go long or short on thousands of international stocks with spread bets and CFDs.

  • Get full exposure for a comparatively small deposit
  • Trade on spreads from just 0.1%
  • Get greater order book visibility with direct market access

See opportunity on a stock?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Trade a huge range of popular stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See opportunity on a stock?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" >


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.