EasyJet quarterly revenues up 15%
EasyJet saw first quarter revenues rise by 15% to £366 million, with passenger numbers up by 10% to 8.1 million.
The rises for the three months ending December 2006 over the same quarter in 2005 was attributed to capacity increases in Italy and Switzerland, while load factors were broadly in line with the prior year.
Total revenue per seat grew 4% with passenger revenue up 2.3% per seat. Ancillary revenues continued to grow “significantly ahead of capacity”, up 22% per seat versus Q1 last year.
Car rental and insurance partner revenues were described as being “particularly strong”.
The airline’s boarding priority system for a limited number of passengers is now available across the easyJet network.
Announcing that easyJet would continue to monitor the impact of the doubling of Air Passenger Duty, the airline said it aniticipated a slight increase in passenger revenue per seat in the current quarter, with ancillary revenues continuing to grow ahead of capacity.
The airline’s average fuel cost (after hedging) for this first half will be approximately $650 per metric tonne, 7% higher year on year.
“Continued progress on non-fuel costs and revenues mean that we expect a pre-tax margin improvement in the region of 3 to 4 percentage points for the first half,” a statement said.
“For the second half, we have 61% of our fuel requirement hedged, 39% using forwards at an average rate of $659/MT and 22% hedged with collars having a weighted average floor of $699/MT and ceiling of $776/MT. For the full year we anticipate unit fuel costs to be slightly down year on year.”
Expected capacity growth for the year to September 2007 remains unchanged at 15%.
The airline warned of “pressure on yields” in the second half following a strong summer last year and due to continued competition.
“However, our focus on controllable costs and growth in ancillary revenues mean that for the full year we anticipate an improvement in profit before tax of between 40% and 50%.”
Phil Davies
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