easyJet becoming successful hybrid LCC-business airline, annual results show

EasyJet, Europe's fourth-largest airline, delivered a strong financial and operational performance in its FY2011 (12 months to 30-Sep-2011), managing to avoid the worst of high oil prices, air traffic strikes, higher taxes, weak consumer confidence and conflict in the Middle East/North African market to deliver a profit before tax of GBP248 million. The result was at the top end of the LCC's guidance.

Strong revenue growth and prudent ex-fuel cost control drove the strong result. easyJet's shares slid on the result, however, as CEO Carolyn McCall came with a downbeat outlook for the current financial year due to slow economic growth, competition, taxes and fuel costs. Ms McCall delivered a strong set of results in her first full year as head of the carrier, the UK's largest. EasyJet increased pre-tax profit by GBP60 million, or 31.5%, to GBP248 million in FY2011, a remarkable feat in light of the myriad difficulties encountered in the period and a testament to the company's new strategy.