12-May-2010 1:47 PM

easyJet revenue up 13.4% in 1HFY2010, downgrades FY2010 profit forecast

easyJet revenue up 13.4% - financial highlights for the six months ended 31-Mar-2010:

  • Total revenue: GBP1,171 million, +13.4% year-on-year;
    • Ancillary: GBP258.3 million, +20.9%;
  • Total operating costs: GBP1,148 million, +6.9%;
    • Fuel: GBP305.4 million, -14.3%;
    • Airport charges: GBP238.2 million, +16.6%;
  • EBITDAR: GBP22.8 million, compared with a loss of GBP40.9 million in the previous corresponding period;
  • Operating profit (loss): (GBP66.5 million), compared with a loss of GBP115.5 million in the previous corresponding period;
  • Underlying profit (loss) before tax*: (GBP78.7 million), compared with a loss of GBP129.8 million in the previous corresponding period;
  • Passenger numbers: 21.5 million, +10.6%;
  • Load factor: 85.0%, +2.1 ppts;
  • Revenue per seat: GBP46.35, +5.1%;
  • Cost per seat: GBP49.47, +0.4%;
  • Cost per seat excl fuel: GBP37.38, -8.6%;
  • Revenue per ASK: GBP 4.32 pence, +3.6%;
  • Cost per ASK: GBP 4.61 pence, +1.8%;
  • Cost per ASK excl fuel: GBP 3.49 pence, -7.0%. [more]

*Excludes the GBP13.3 million profit on the disposal of two A321 aircraft in February 2009

easyJet estimates an additional cost and loss of between GBP50 million and GBP75 million caused by the disruption from the volcanic ash in Iceland. As a result, the carrier downgraded its pre-tax profit forecast from between GBP175 million to GBP200 million, at the current exchange rate and fuel price, to between GBP100 million to GBP150 million. 

easyJet: “easyJet will deliver substantial profit growth in 2010 through the worst recession in 70 years and even after absorbing snow and volcanic ash related disruption costs from the worst snowfall in 30 years and an unprecedented five day closure of much of European airspace. We expect to grow our passenger numbers by around 10% and increase both yield and load factor. This is a remarkable performance based on strong European-wide consumer demand for our low cost network of primary routes which offers the lowest prices to the most convenient airports,” Company statement. Source: easyJet, 11-May-2010.

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