Monday 16 September 2019

Profits jump at EasyJet on the back of record passenger numbers

EasyJet (stock image)
EasyJet (stock image)
Independent.ie Business Desk

Independent.ie Business Desk

Low-cost airline EasyJet has reported pre-tax profits of £578m (€649m) for the year to September 30, up from £408m (€458m) the previous year.

The group said it flew a record number of passengers over the year, up 10.2pc at 88.5 million, with total revenues up 16.8pc to £5.9bn (€6.6bn).

Reported pre-tax profits rose to £445m (€449m) from £385m (€432m) the previous year.

But the group said revenues per seat are set to fall in the first half of the new financial year, impacted by factors including the timing of Easter.

EasyJet said it is continuing to prepare for Brexit, operating via airlines in the UK, Switzerland and Austria to enable ongoing flying in Europe.

It said: "Both the EU and the UK have said that their objective is to maintain flights between the EU and the UK, whatever the Brexit outcome.

"This gives EasyJet confidence that flying rights will be maintained, and it continues to work with EU institutions, EU member states and the UK to ensure that this is achieved."

The group said UK consumer demand remains strong, with bookings for next summer ahead of 2018.

Johan Lundgren, EasyJet chief executive, said: "EasyJet has delivered a great performance during the year, growing headline profit before tax by 41pc, once again flying a record number of passengers at our highest ever annual load factor."

He added: "While disruption continues to be a major challenge for the industry, we are investing in resilience to help to mitigate the impact on our customers.

"Forward bookings are solid, with 50pc of seats sold in the first half, in line with the prior year."

PA Media

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