156-ims-q1-2012 - 26 January 2012 easyJet Interim...

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26 January 2012 easyJet Interim Management Statement Page 1 of 4 EASYJET INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 DECEMBER 2011 Highlights: Total revenue up by 16.7% to £763 million driven by strong improvement in unit revenues which were up 9.2% to £51.83 per seat; revenue per seat at constant currency grew by 7.7% as reported revenues benefited from the strength of the swiss franc. Both ticket and non ticket unit revenues showed good growth in the quarter; whilst average sector length declined slightly. Seats flown grew by 6.9% to 14.7 million mainly driven by the absence in the quarter of significant winter disruption. Excluding the impact of last year‟s disruption seats flown increased by 2.8%. Passengers carried increased by 8.1% to 12.9 million, and the load factor increased by 0.9 percentage points to 87.6%. easyJet‟s year on year cost performance benefited from the absence of the snow disruption experienced in the same quarter last year. Consequently, cost per seat excluding fuel reduced by 1.6% on a reported basis. Excluding the impact of the disruption, planned increases in airport charges and crew costs meant that cost per seat excluding fuel rose by 2.5% on a reported basis, well within the guidance given in November 2011 for a 4% increase in the first half of the year. Continued strong operational performance with On Time Performance up 23 percentage points to 88% and customer satisfaction up by 11 percentage points to 85%. Strong balance sheet with cash and money market deposits of £1,216 million (excluding restricted cash) as at 31 December 2011. With around 70% of the first half now booked, the percentage increase in revenue per seat at constant currency for the first half of the year is expected to be similar to the level seen in the first quarter. Consequently, assuming no significant disruption in the second quarter, easyJet expects to recover most of the £100 million increase in its first half fuel bill and contain first half losses to between £140 million and £160 million compared to the £153 million loss reported in the first half of last year. Commenting on the results, Carolyn McCall, easyJet Chief Executive said: easyJet has made a strong start to the year. This is due to firm control of costs, the strength of easyJet‟s network , tight capacity discipline and pricing actions taken in the second half of last financial year. The good performance in the quarter has meant we are cautiously confident in our outlook for the business. Although the economic environment remains weak, easyJet‟s affordable fares and our focus on making it easy for our customers combined with the actions that management is taking ensures that easyJet is well positioned to continue to succeed .” For further details please contact easyJet plc : Institutional investors and analysts: Rachel Kentleton +44 (0) 7961 754 468 Tom Oliver +44 (0) 7950 996 262
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This note was uploaded on 02/08/2012 for the course FIN FIN4345 taught by Professor Koij during the Spring '10 term at FIU.

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156-ims-q1-2012 - 26 January 2012 easyJet Interim...

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