easy's 1/2 yr results
Interim results for the 6 months to 31st March 2005
25% INCREASE IN PASSENGERS. MARGINS MAINTAINED.
Revenues up by 26% to £553m with the pre-tax margin before goodwill maintained.
Seasonal pre-tax loss before goodwill of £22m (2004: £19m). Reported pre-tax loss of £31m (2004: £27m).
Passenger numbers up 25% to 13.5 m. Slight improvement in load factor to 83.8%.
Total revenue per passenger up 1.1%. Per Available Seat Kilometre (ASK) down 5% reflecting longer stage length.
Total cost per ASK down 5%.
Strong cash generation with gross cash increasing by £127m to £637m.
Balanced growth in network to 187 routes and 57 airports utilising 103 aircraft.
Commenting on the results and prospects, Ray Webster, Chief Executive, said:
“This performance is in line with expectations. Much has been achieved in the last six months - growing passengers by a quarter, launching 40 new routes and inaugurating service to 14 new airports. We have just taken delivery of our 100th operational aircraft and welcomed our 100 millionth passenger. Both are major achievements in our 10th anniversary year.
“We have made steady progress on costs and, so far, mitigated the impact of a higher fuel price. But there is more to do as we seek balanced growth, extending our reach in Europe while protecting our margins. easyJet is a financially strong company and is in a good position to capitalise on the opportunities in the European airline market.
“Based on our current trading outlook, total revenue per seat for the year to September 2005 is likely to be unchanged compared to the same period last year.
“At prevailing fuel prices and exchanges rates, we continue to expect reported pre-tax profit to be below last year but in line with current expectations