“EasyJet has done well, but then one would expect a Low Cost Carrier to profit during a downturn.”
Except that easyJet has been moving towards a more traditional product during these hard times and also their pricing has firmed up, as you pointed out on the LCA thread.
Two things, IMHO
1 – current trading conditions in the UK are the new reality, there is not going to be a major recovery in the sense of the 1990s
2 – Agility and velocity will be the hallmarks of successful companies in this brave new world
easyJet appears to have agility and velocity, we will see with IAG.