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.

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