Easyjet making less than £1 per passenger over full year, FR making over £9 per passenger based on half years results.
EZJ mess up its fuel hedge just like FR did one year before. You also need to look at the same half year when looking at the two airlines. That means looking at the second half numbers of EZJ that cover the same period as the first half of FRs accounting year. Easyjet made £5.90 per pax in its H2 even with a very high fuel price due to poor hedging. These effect will work out the system and the next 6 months should see both airlines make very little per pax over the winter. Next summer will see FR running with less income per PAX and EZJ running with more. If you were a shareholder you would like to own an airline that can increase fares and grow slowly to one that has to discount to the point were it is not profitable. EZJ is one of the few profitable airlines at the moment and it is the only one that is investable in.