British budget airline easyJet reports record high summer sales and forecasts a year profit toward to upper end of expectations, as it benefits from struggles at rival Ryanair. Ciara Lee reports.
Its biggest rival is struggling And easyJet is coming out on top. The British budget airline easyJet has reported record high summer sales It's now forecasting an annual profit towards the upper end of expectations. It comes as Ryanair has offered its pilots significant improvements in pay and conditions in the wake of more than 700,000 flight cancellations Its recent troubles hurting both its reputation and share price. (SOUNBITE) (English) GLOBAL ECONOMIST AT COMMERZBANK, PETER DIXON, SAYING: "I mean basically Ryanair has obviously made mistakes in the way it's handled the partridge dispute but it's quite clear that if it wants to keep its business on track it's going to have to compromise a little bit." EasyJet's performance also contrasts with the collapse of British carrier Monarch this week. Monarch joins the likes of Air Berlin and Alitalia - all have entered insolvency proceedings in recent months . Media reports suggest easyJet is interested in some of Monarch's slots at London's Gatwick airport. And analysts predict the fall of some carriers could further strengthen the survivors, particularly if there is an easing in pressure on ticket prices. Despite the strong results, easyJet shares were down over 1 percent in morning trade.