Snow and fuel costs hit easyJet

Low-cost airline easyJet said last month’s snow chaos cost it £18 million and warned soaring fuel costs were expected to double half-year losses.

Shares in the carrier slumped 15% as it cautioned that pre-tax losses in its first half – traditionally a period when it makes losses – were now likely to be in the range of £140 million to £160 million compared with £78.7 million a year earlier.

The cost of the weather disruption added to a £6 million bill from air traffic control strikes across Spain and France, which together saw easyJet suffer £7 million in lost profits.