easyJet Q1 revenue up nine per cent

Total revenue for the first quarter ending December 31st rose 9.2 per cent to 833m pounds at low-cost airline company easyJet, according to an interim management statement issued by the company on Thursday morning.

Total revenue for the first quarter ending December 31st rose 9.2 per cent to 833m pounds at low-cost airline company easyJet, according to an interim management statement issued by the company on Thursday morning.

Revenue per seat grew by 8% at constant currency or by 3.9% on a reported basis to £53.87 per seat. The group stated that this had been driven by a programme of revenue initiatives including the company's so-called "europe by easyJet" campaign as well as improvements to revenue management.

The number of seats flown grew by 5.0% to 15.5m and the number of passengers carried increased by 6.2% to 13.7m. Meanwhile, the group reported that the load factor had increased by 1.0 percentage point to 88.6% which it said was "driven by easyJet and competitor capacity discipline".

With around 80% of first half seats currently booked, easyJet reported that it expected to contain first half loss before tax to between £50m and £75m compared to the £112m loss reported in the first half of last year.

Carolyn McCall, easyJet Chief Executive Officer, said: "easyJet has made a strong start to the year due to a combination of management action, competitor capacity reductions and the benign operating environment. The good performance in the quarter and the structurally advantageous position that easyJet occupies in the European short-haul market means we remain confident in our outlook for the business."

She added: "Although the economic environment remains challenging, easyJet's strong customer proposition, combined with the actions that management are taking ensures that easyJet is well positioned going forward to deliver sustainable growth and returns."

MF

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
The after effects of the gas-price shock
Economy

The after effects of the gas-price shock

In the wake of the recent spike in the natural gas price, we can expect slower growth, an industrial recession – and a newly assertive Russia, says Ma…
17 Oct 2021