easyJet made waves Monday as it began trading on the FTSE 100 and launched its first service between London and Moscow.
The carrier's introduction of low-cost flights between London Gatwick and Moscow, which came on the same day as its debut on the FTSE 100, was hailed by ministers as a boost to trade and investment.
"I am certain it will help to deliver tremendous benefits to business and leisure passengers," said Transport Minister Simon Burns.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"It also demonstrates the ongoing capability of London's airport network to attract new, direct services with the world's largest markets."
The airline secured limited rights to the route after fighting off competition from Virgin Atlantic.
British Airways is the only other UK airline to fly to Moscow, with services from London's Heathrow.
easyJet expects to fly more than a quarter of a million passengers on the new route each year.
"Moscow is a landmark route and one we are delighted to be able to serve. Russia is the world's largest country with a growing economy," said Chief Executive Carolyn McCall.
"Offering frequent and affordable flights enables easyJet to play a key role to aid trade links between the two countries."
Direct flights from Manchester to Russia will start on March 28th.
McCall said bookings for both of easyJet's Russian routes has exceeded expectations, particularly from Moscow.
Shares in the group fell 1.49% to 1,056p at 13:50 Monday.
RD
-
SIPP holders to get cash warnings and be offered default fundsNews Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
