EasyJet profits plunge 70% as fuel costs soar amid Iran war

Budget airline, which has two US investment firms vying to buy it, also affected by passengers booking later

The low-cost airline easyJet has revealed a 70% slide in profits because of soaring fuel costs and later bookings as a result of the conflict in Iran, only weeks after it agreed to a 5.7bn takeover.

The carrier reported a pre-tax profit of 85m between April and June compared with 286m during the same period a year earlier, as its fuel costs increased by 105m after the outbreak of hostilities in the Middle East in late February sent energy prices rocketing.