easyJet revenue up 12%, profits soar in FY2010

easyJet revenue up 12% - financial highlights for the 12 months ended 30-Sep-2010:

• Revenue: GBP2973.1 million, +11.5% year-on-year;
  • Ancillary: GBP571.4 million, +10.7%;
• Total costs: GBP5784.8 million, +6.2%;
  • Fuel: GBP733.4 million, -9.1%;
  • Airport charges: GBP529.8 million, +10.0%;
  • Labour: GBP336.0 million, +9.6%;
• Operating profit: GBP173.6 million, +188.9%;
• Profit before tax: GBP154.0 million, +181.5%;
• Underlying profit before tax*: GBP188.3 million, +330.9%;
• Passenger numbers: 48.8 million, +7.9%;
• Load factor: 87.0%, +1.5 ppt;
• Revenue per ASK: GBP 4.72 pence, +3.0%;
• Operating cost per ASL: GBP 4.11 pence, -2.2%;
• Operating cost per ASK excl fuel: GBP 2.94 pence, +4.6%
• Average sector length: 1123 km, +2.1%;
• Net operating cash flow: GBP363.4 million, +170.2%;
• Total assets: GBP4003 million, +9.0%;
• Cash and cash equivalents: GBP911.9 million, +15.6%;
• Total liabilities: GBP2502 million, +5.7%;
• Net debt: GBP40.1 million, -12.3%.

*Excludes GBP27.3 million of cost relating to the volcanic ash cloud and GBP7.0 million loss on disposal of A321 aircraft in 2010 and GBP11.0 million profit on disposal of A321 aircraft in 2009

easyJet stated forward bookings for 1HFY2011 are broadly in line with previous corresponding period, with 45% of available first half seats already sold. easyJet is planning to increase capacity by 12% for the full year and 14% for the first half. The carrier also expects total revenue per seat to be broadly flat in 1HFY2011 while cost per seat excluding fuel is expected to decline by 4% on an underlying basis. [more]

easyJet: "I've now been at easyJet for four months and completed my review of the business and capital structure. The strategy will build on the strength of easyJet's network and target leisure and business customers with its best value fares to convenient airports. easyJet is strongly positioned to take advantage of the continuing profitable growth opportunities in European short-haul. This combined with margin improvement through a tight focus on costs and accessing new revenue opportunities, means that easyJet is poised to continue the strong operating cash generation of the past few years," Carolyn McCall, CEO. Source: easyJet, 16-Nov-2010.