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11-May-2011 11:32 AM

easyJet 1HFY2011 losses widen on higher fuel costs

easyJet revenue up 8% - financial highlights for the six months ended 31-Mar-2011:

  • Revenue: GBP1266 million, +8.1% year-on-year;
    • Ancillary: GBP286 million, +10.9%;
  • Total costs: GBP1419 million, +13.5%;
    • Fuel: GBP383 million, +25.6%;
    • Labour: GBP185 million, +17.8%;
  • Operating profit (loss): (GBP144 million), compared to a loss of GBP67 million in p-c-p;
  • Profit (loss) before tax: (GBP153 million), compared to a loss of GBP79 million in p-c-p;
  • Net profit (loss): (GBP114 million), compared to a loss of GBP59 million in p-c-p;
  • Passenger numbers: 23.9 million, +11.6%;
  • Load factor: 85.4%, +0.4 ppt;
  • Average sector length: 1069 km, -0.3%;
  • Total revenue per ASK: GBP 4.22 pence, -2.3%;
  • Total costs per ASK: GBP 4.73 pence, +2.4%;
  • Costs per ASK excl fuel: GBP 3.46 pence, -0.9%;
  • Total assets: GBP4388 million, +9.6% when compared to period ended 30-Sep-2010;
  • Cash and cash equivalents: GBP1130 million, +23.9% when compared to period ended 30-Sep-2010;
  • Total liabilities: GBP2879 million, +15.1% when compared to period ended 30-Sep-2010;
  • 2HFY2011 forecast:
    • Capacity (seats): +12% year-on-year;
  • FY2011 forecast:
    • Capacity (seats): +11%. [more]

easyJet: "With nearly half of summer seats now sold, in line with the prior year, second half total revenue per seat is slightly ahead of the prior year with planned improvement in yields, bag charges and other ancillary revenues. Consequently full year total revenue per seat at constant currency is expected to be broadly flat. Based on our performance in the first half, the impact of the strengthening of the euro on our cost base, which has been largely offset by a compensating benefit on revenues and current yield trends, the outlook for the full year remains in line with expectations at current fuel and exchange rates," Company statement. Source: easyJet, 10-May-2011.

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