Here is the comment from broker Smith Barney:
EasyJet
OUTPERFORM at 188p says Smith Barney (7th May 2003).
EasyJet's interim results fell short of expectations by revealing a loss before tax of £48.1m and a 10.7% fall in average fares year on year. On a positive note, the integration of Go is reportedly ahead of plan and revenue and cost synergies are still expected as the route networks and operations continue to combine. Smith Barney attributes the problems this time to "excessive" capacity growth, the immaturity of the Go network and an unhedged fuel position. However these issues appear to cause the broker little concern as it reiterates its confidence in the group's business model and maintains a positive rating.
I don't think anyone as particularly worried. 75% of mergers and acquisitions fail. Of those that survive there must be teething problems. easyJet are probably doing quite well all things considered.