easyJet releases trading statement for 3Q2016

easyJet CEO Carolyn McCall stated (30-Jun-2016) the airline has faced challenges caused by several factors in 3Q2016: "The economic and operating environment has been difficult in the third quarter due to a number of factors including air traffic control strikes and other industrial action, runway closures at London Gatwick and severe weather. These factors combined with industry capacity growth in short-haul continue to have an impact on industry yields at a peak time of year. More recently currency volatility as a result of the UK's referendum decision to leave the EU as well as the recent events in Turkey and Nice continue to impact consumer confidence." The airline released its results for 3Q2016:

• Passengers carried increased by 5.8% to 20.2 million, driven by an increase in capacity of 5.5% to 21.9 million seats and load factor increasing by 0.3 percentage points to 92.0%;
• Total revenue per seat decreased by 8.3% at constant currency or by 7.7% on a reported basis to GBP54.54 per seat. Total revenue in the quarter decreased by 2.6% to GBP1196 million, as increased seat capacity was offset by the impact on yield of overall market capacity and cancellations as a result of significant external events;
• Ongoing enhancements to our customer proposition and other revenue initiatives helped to stimulate bookings, partly compensating for the impact of disruption and other external factors;
• Strong cost control as cost per seat including fuel improved by 3.8% at constant currency, due to low fuel prices and strong underlying cost focus. easyJet's cost per seat excluding fuel at constant currency was broadly flat during the quarter. This was despite GBP20 million of disruption cost during the quarter;
• Advantaged balance sheet. Cash and money market deposits were at GBP1120 million (USD1.5 billion) and net cash was GBP368 million (USD487 million) at 30-Jun-2016. [more - original PR]