Everything reported up at easyJet

By Administrator |

UK low-cost carrier easyJet reported a recession busting 2.8% increase in passengers to 11.9m between April and June, with baggage and inflight food and retail revenues up 34%, while total revenues rose by 12% to

?721m ($1.1bn) in the third quarter of the airline's current financial year.

Total revenue per seat increased by 10.9% to ?51.42 ($84.51), an increase per seat of 4.8% on a constant currency basis, partly due to the movement of Easter from the second quarter of 2008 to the third quarter of 2009.

The airline reported a 2.9% rise in passengers to 11.9m, with a 12% growth in passengers originating in mainland Europe and it said that it continued to strengthen with market share gains across Europe – particularly at Gatwick, Milan, Paris and Madrid. It also pointed to a strong balance sheet with cash and money market deposits of ?962m ($1.5bn) – excluding restricted cash – and un-drawn financing facilities of $0.5bn at favourable rates as at 30 June 2009.

The company said that constant currency total revenue and costs – excluding fuel – continue to perform in line with previous guidance and over 75% of available summer seats are now booked.

Economic conditions remain uncertain and August is an important month for easyJet which expects to deliver underlying pre-tax profits in the range of ?25m to ?50m ($41m to $82m) in the full financial year to September 30, 2009.

Andy Harrison, easyJet Chief Executive said: ‘This has been a resilient third quarter and our position has continued to strengthen as we made market share gains across Europe. easyJet is continuing to perform relatively well in tough trading conditions and we expect to be one of the few airlines to make a profit this year.’

The airline expects to have nearly 200 aircraft in service by September 2011, up from 177 at end of June this year, in line with growth plans that it set out in May.


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