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EasyJet takes £133m hit on summer travel upheaval

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EasyJet Plc said disruption to travel driven by staff shortages, soaring demand and caps on airport capacity forced it take a £133m charge in the fiscal third quarter, while stating operations would now be smoother over the peak summer period.

The UK low-cost carrier still operated 95pc of its planned schedule in the three months through June despite the upheaval, according to a statement on Tuesday. The company expects capacity in the fourth quarter to be about 90pc of the same period in 2019, though said it will continue to fine-tune the schedule as required.

"We have taken action to build the additional resilience needed this summer and the operation has now normalized," said Chief Executive Officer Johan Lundgren.

EasyJet has been the among the hardest hit by the employee crisis plaguing the European aviation industry after the carrier slashed its workforce at the height of the coronavirus pandemic and has been unable to recruit fast enough to keep pace with the rebound. London Gatwick and Amsterdam Schiphol airports, its two biggest bases, capped flights to help cope.

Third-quarter revenue came in at £1.76bn just above analysts' estimates, while the headline loss before tax was £114m.

EasyJet shares have lost almost a third of their value this year, valuing the company at 2.8 billion pounds.

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