easyJet announces leap in profits
EasyJet has reported a 31.5% leap in pre-tax profits, leading to a £195m payment to shareholders.
Chief executive Carolyn McCall said the airline, which made £248m before tax for the year ended September 30, was "well placed to succeed", despite the headwinds of higher fuel costs and "a weak and uncertain economic outlook".
She said EasyJet's strong performance was due to firm control of costs, effective yield management as well as the strength of its network and its focus on customers.
Looking ahead to the winter, the airline said 45% of seats were already booked and first-half revenue per seat would be up by mid single digits.
Passenger numbers last year rose 11.8% to 54.5m, 56% of whom came from outside the UK, and its business traffic increased to almost one million to 9.5m.
But the airline's fuel bill rose £100m and the airline expects a further £220m rise this financial year.
However, the airline has yielded to pressure from founder Sir Stelios Haji-ioannou to return a large chunk of the profit to shareholders. In September it announced a £150m special dividend, bringing the total cash return to shareholders to £195m, or 45.5p per share.
Sir Stelios Haji-ioannou and his family, who own 38% of the airline, will receive more than £70m.
EasyJet also announced today that it is to trial pr-allocated seating on selected routes from next Spring.
On the trial flights, all passengers will be allocated a specific seat but popular seats, such as those with extra legroom, will be sold at a premium price. The airline has not put a price on these tickets.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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