No-frills airline easyJet has unveiled a 21 per cent rise in annual profits but warned it expects intense competition within the low-cost airline industry this winter.
The Luton-based company, which operates 27 services from Gatwick Airport to cities such as Edinburgh, Barcelona and Rome, posted a pre-tax figure of £62.2 million for the year to September 30.
The performance was helped by a 20 per cent rise in passenger numbers to 24.3 million, as well as the presence of fewer exceptional items than in 2003.
Chief executive Ray Webster described the results as "creditable" but forecast some challenging months ahead with limited visibility on fares.
EasyJet is facing pressure on overheads after its annual fuel bill rose by almost 22 per cent on last year to £146.9 million.
That represented 14 per cent of spending and prompted a further drive to focus on costs.
Savings have been made by adding more fuel-efficient Airbus A319s and withdrawing from poor-performing markets.
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