Profits nosedive for Luton based EasyJet but business picking up

easyJet profits drop by 17% Credit: ITV News Anglia

Luton based easyJet's seen its profits nosedive by 17 per cent after taking a hit from the weak pound.

Bosses say it's been a difficult year for the industry as the company announced pre-tax profits of £408 million, down from almost £500 million the year before.

But easyJet say it performed well in the final three months because of Ryanair's problems with flight cancellations.

Trading in this financial year is up though due to the recent collapse of Monarch airlines.