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Brexit hits airline's bottom line

Dip in value of sterling following last summer's referendum result costs Easyjet £82m

Losses at budget airline Easyjet have been partially blamed on the falling value of sterling following last summer's Brexit vote.

The airline said currency fluctuations cost £82m (€95.5m) of a £236m (€274m) loss in the the six months to March 31, a massive increase on the £18m reported for the same period last year. But chief executive Carolyn McCall said the loss was in line with market expectations.

The budget airline, which operates flights from 18 airports across France, pays for fuel in US dollars, which makes it more expensive when the pound is weaker. The currency has lost 10% of its value on global markets since last June's vote.

The late Easter this year contributed another £45m to the overall losses - which saw 7% wiped off the value of Easyjet shares.

The group is also setting up an operating company in mainland Europe and applying for a new licence to secure European flying rights following the UK's exit from the EU.

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