easyJet passenger growth remains strong in Sep-07; pre-tax profit growth for 12 months to 30-Sep-07 at top end of earlier guidance of 40-50%
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(CAPA) Passenger growth remained strong for easyJet in Sep-07, with passenger numbers up 14.2% year-on-year, although load factor slipped 1.3 ppts year-on-year to 85.2%. With the financial year now completed, easyJet expects pre-tax profit growth to be towards the top end of the earlier guidance of 40% to 50%. However, total pre-tax profit for the year to 30-Sep-07 will exceed this guidance, taking into account a GBP11 million one off benefit from the write-back of the investment in The Airline Group Ltd.
Yields for the second half, measured as total revenue per seat, were down 6.8% year-on-year, in line with the LCCs guidance and reflecting the airline’s “commitment to offering Europe’s lowest fares to the most convenient airports”. As previously stated, easyJet will show substantial improvement in operating costs and second half unit costs, excluding fuel, will be reduced by around 10%.
easyJet will continue to execute its stated strategy in the new financial year, adding 15% capacity and further improving return on equity. During the Winter, the airline expects total revenue per seat, including revenues from bag charging, to be broadly in line with last year.
Growth continues to focus on Southern Europe, in particular Milan and Madrid, where easyJet has now based a total of 12 aircraft. Network development continues apace, with the airline last week announcing plans to significantly increase its presence in France.
Andy Harrison, easyJet Chief Executive said: “We are pleased with our performance over the last financial year having achieved significant improvement in margins despite the doubling of APD in the UK and record fuel prices.”
Date posted: 08-Oct-07
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easyJet passenger growth remains strong in Sep-07; pre-tax profit growth for 12 months to 30-Sep-07 at top end of earlier guidance of 40-50% 
