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£200m: EasyJet profit downgrade
Shares in EasyJet (EZJ) have hit their lowest level in almost five years as analysts downgraded profit estimates.
Disruption from air traffic control strikes in France and lower demand from customers weighed on EasyJet’s profitability in the three months to 30 September 2016.
Analysts at Davy expect these issues to persist in its next financial year, leading to a potential £200m profit downgrade.
‘We expect to revise down our full year 2017 pre-tax profit range to slightly over £400m given the foreign exchange headwind,’ says analyst Stephen Furlong.