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Highlights
- UK holidaymakers have faced more travel chaos after EasyJet and Wizz Air cancelled dozens of flights.
- EasyJet, the low-cost airline group, cancelled another 80 flights on Sunday due to staff shortages, which caused serious disruption and passenger inconvenience.
UK holidaymakers had to face more travel chaos after EasyJet and Wizz Air cancelled dozens of flights during the weekend. The development comes just after a tough week for the travel industry when over 350 flights were cancelled while there were long queues and delays reported at departure halls.
©2022 Kalkine Media®
The low-cost airline group EasyJet had cancelled another 80 flights on Sunday due to staff shortages. The airline group apologized to its customers and said it was due to the enduring challenging operating situation. The fight cancellation affected Gatwick airport as 25 departures and 22 arrivals were cancelled, which affected around 7,000 passengers.
After the cancellation of around 200 fights over the weekend, tens of thousands of British travellers are estimated to be stuck at airports across Europe. Not only EasyJet but some of the British Airways and Wizz Air flights to Gatwick were also cancelled on Sunday, adding an inconvenient twist to the end of the four-day platinum jubilee weekend for many passengers. Also, around 3,000 travellers travelling to Luton were diverted to other airports after a temporary power failure led to major delays and postponements.
UK carriers laid off over 30,000 employees over the past two years when international travel was restricted and lockdowns were imposed. But now, various airports are struggling to recruit enough staff even after offering generous financial incentives. EasyJet laid off 10% of its workers during the pandemic, while Gatwick airport has 40% fewer directly employed staff than it did before the pandemic.
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Let us look at three FTSE-listed airline stocks and how they are faring.
EasyJet Plc (LON: EZJ)
The company posted a headline loss before tax of £545 million for the six months to 31 March. The share of the FTSE 250 listed budget airline was trading at GBX 513.80, up by 1.26% at 8:05 AM (GMT+1), as of 6 June 2022.
With a market cap of £3,846.14 million, EasyJet Plc has given its shareholders a negative return of -45.14% over the last one year as of 6 June 2022.
©2022 Kalkine Media®
Wizz Air Holdings Plc (LON: WIZZ)
The low-cost airline that operates on short-haul and medium-haul routes in the European Union and the Middle East intends to file an application for its subsidiary in Malta for an air operator’s certificate and an operating license with the EU Aviation Safety Agency and Malta Civil Aviation Directorate respectively.
The share of the FTSE 250 listed budget airline was trading at GBX 2,861.00, up by 0.25% at 8:05 AM (GMT+1) as of 6 June 2022.
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Jet2 Plc (LON: JET2)
The share of the FTSE AIM UK 50 listed travel company was trading at GBX 1,149.00, up by 1.68% at 8:05 AM (GMT+1) as of 6 June 2022.
With a market cap of £2,425.20 million, Jet2 Plc has given its shareholders a return of 2.95% on a YTD basis as of 6 June 2022.
Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
