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easyJet losses narrow in 1HFY2012

10-May-2012 2:04 PM

easyJet revenue up 16% – financial highlights for six months ended 31-Mar-2012:

  • Total revenue: GBP1465 million, +15.7% year-on-year;
    • Seat: GBP1438 million, +16.2%;
    • Non-seat: GBP27 million, -3.6%;
  • Total costs: GBP1577 million, +11.1%;
    • Fuel: GBP483 million, +26.1%;
    • Crew: GBP206 million, +11.4%;
  • Operating profit (loss): (GBP99 million), compared to a loss of GBP144 million in p-c-p;
  • Profit (loss) before tax: (GBP112 million), compared to a loss of GBP153 million in p-c-p;
  • Net profit (loss): (GBP90 million), compared to a loss of GBP114 million in p-c-p;
  • Passenger numbers: 25.2 million, +5.4%;
  • Load factor: 86.9%, +1.5 ppt;
  • Revenue per ASK: GBP 4.76 pence, +12.8%;
  • Costs per ASK: GBP 5.12 pence, +8.2%;
  • Cost per ASK excl fuel: GBP 3.55 pence, +2.6%;
  • Average sector length: 1061 km, -0.8%;
  • Total assets: GBP4447 million, -0.5% when compared to period ended 30-Sep-2011;
  • Cash and cash equivalents: GBP979 million, -11% when compared to period ended 30-Sep-2011;
  • Total liabilities: GBP2941 million, +6.4% when compared to period ended 30-Sep-2011. [more – original PR] [more - CAPA Analysis]

easyJet: "With nearly half of summer seats now sold, in line with the same period last year, the performance and outlook for the business continues as outlined in the 26 March 2012 trading update. Capacity, measured in seats flown, for the second half of the year, is planned to increase by 7% assuming no significant disruption, giving an increase of around 5% for the full year compared to 2011. Second half total revenue per seat at constant currency is expected to be up in the low to mid single digit range. Continued good progress on the easyJet Lean initiatives means that on a constant currency basis, cost per seat excluding fuel should increase by around 2% in the second half of the year and by around 2% for the full year assuming no significant disruption arising from events such as airspace congestion during the Olympics and external industrial action.” Source: Company statement, 09-May-2012.