Easyjet pays one-off dividend as it cools feud with its founder
Published 22/09/2011 | 08:46
BUDGET airline easyJet today announced a one-off dividend of £150m as it looks to cool a feud with its founder and major shareholder.
Sir Stelios Haji-Ioannou and his family own a 38pc stake in the airline and stand to pick up around £57m as a result of the pay out, which easyJet said stemmed from better-than-expected trading.
The airline's former boss, who stepped down from the board last year, has attacked easyJet's expansion plans and called for cash to be returned to shareholders.
The one-off payout is on top of £40 million that easyJet said it will pay as its maiden dividend following 11 years as a stock-market listed company.
Easyjet said the annual dividend and one-off payment to shareholders will be declared in full-year results in November and paid in early 2012.
Shares were 5pc higher today as the airline also said profits in the year to September 30 were likely to be between £240m and £250m, compared with previous expectations of between £200m and £230m.
The airline said strong demand on city routes used by business and short-break leisure travellers meant revenues per seat were 6% higher in the second half of the financial year and up by 3% across the year as a whole.
It has also benefited from its continued focus on costs, while the percentage of flights arriving on time stood at 80% in July and 85% in August.