The low-cost airline blamed a high level of cancellations due to air traffic controller strikes in recent weeks, congestion at Gatwick, weather conditions and a drop in consumer demand following the EgyptAir crash.

EasyJet added that it also expected to see “additional economic and consumer uncertainty” this summer following the Brexit vote.

The airline’s shares slumped by more than 17% to £10.81 in early trading on the London Stock Exchange. This follows a drop of 14% in easyJet’s share price on Friday. EasyJet shares had been priced at £15.33.

“The operating environment for all European airlines in May and June has been extremely challenging,” said easyJet after suffering 1,061 cancellations since the start of May.

The airline said it expected these factors to wipe £28 million from its pre-tax profit for the current quarter as revenue per seat falls.

“In addition, recent movements in fuel prices and exchange rates are now expected to add around £25 million of additional cost in the year,” added easyJet.