Easyjet load factor is up a whole 1% over the last 6 month at 86.64%. Ryanair
load factor is around 78.4% (over same 6 months), that is over 8% lower than
Easyjet. It is clear that Ryanair is getting things badly wrong and cutting
capacity is not improving load factors.
Befree, I wouldn't agree that the load factor tells us a tale that Ryanair is getting the thing wrong. A large proportion of Ryanair's markets are leisure orientated, and low frequency and as a result would not do particularly well in the winter.
Easyjet on the other hand are focused on higher frequency on routes that connect convenient airports (primary airports in the main). This is in line with a focus on business travellers. This strategy is in clear contract to Ryanair's, and it is an admission that in terms of cost Easyjet cant compete profitably in many markets. In many markets where Easyjet is well established and well known locally, it can sustain competition against Ryanair e.g. BRS, LPL, STN.
Ryanair's profitability is far superior and I have to agree with another post here, that fact that Ryanair's performance was in line with their strategy and the outcomes were largely as expected.
Going forward, the challenge is a lack of growth and with the absence of a stream of new aircraft summer growth will be challenged over recent years levels. I expect that when the fleet size doesnt grow Ryanair will be focused on where it deploys its resources in a bid to maximuse returns.
That's if it wants to continue to grow profit and shareholder returns, as one would expect.
EI-BUD