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easyJet: losses widen in 1H09, but full year guidance remains


easyJet nearly doubled its net loss in the six months to 31-Mar-09 to GBP85.9 million, in line with the carrier's expectations. A profitable full year result is still expected. Commenting on the outlook, easyJet CEO, Andy Harrison, stated, "while we remain cautious about the consumer economy, at current fuel prices and exchange rates, easyJet expects to be profitable for the full year. easyJet is financially strong.... and has good and well-established market positions and the Board remains confident in easyJet's future prospects." [2615 words]

Unlock the following content in this report:


  • Ancillary revenues a saviour in 1H09; business pax now 20% of total
  • Operating costs outpacing revenues; but unit cost improvements achieved
  • Focused on strategy development, amid uncertain macro conditions
  • 1. "Prudent approach" to fleet management and cash conservation
  • 2. Continued strategic market development; strong growth in key London Gatwick, Paris and Milan business markets
  • 3. Focus on margins by driving revenue and reducing costs
  • 4. Mitigation of risk through hedging strategies
  • Outlook: Opportunities in challenging times

Graphs and data:

  • easyJet change in passenger mix (volume): 2008 vs 2009
  • easyJet revenue and cost per passenger/seat breakdown: 1H09
  • easyJet cost per seat analysis: 1H09
  • easyJet revenue and cost per passenger/seat breakdown: 1H09
  • easyJet total revenue per seat quarterly trend: 1Q08 to 2Q09
  • easyJet fleet growth plans: FY2008 to FY2011 (previous forecast in brackets)
  • easyJet load factor performance: year-on-year movements
  • Current split - total revenues and total costs- by market
  • Capacity changes between Summer 2009 and Summer 2008: easyJet vs Market
  • easyJet hedging positions: as at 31-Mar-09
  • easyJet forward bookings: 2008 vs 2009
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