easyjet profit?

[mjenkinsblackdog]

Easyjet profits drop to 52m pre tax profit .
Thats down 28 pc on last year!

[Silvertop]

Not bad really, considering the year that they have just had!

[Uncle Monty]

Very good given the £46 pre-tax loss recorded in the first half.

[niAd20]

Still made a profit, pax figures up, revenue up, war on, airbus purchase, and so on and so forth. Can't be bothered with proper figures, read it yourselves when they come out later today. Not as good but then again not as bad either.

I do get bored with the type of negative slant this thread has been started with.

Sometimes, just sometimes, the bottle really is half full!

[no sig]

Yep, pretty good turnaround from the difficulties of the first 6 months. Go merger behind them, new A319 airplanes in service and a great decision to get into Berlin in the new year. Solid performance all things considered.

[fireflybob]

Any airline that makes a profit these days (whatever the actual amount) deserves to pat itself on the back! Well done EasyJet and lets see more and more companies making a profit!

[In trim]

And costs per ASK (Available Seat Kilometre) down by 7.5%....a good sign.

[Brakes to Park]

If you've got an hour and a quarter to spare the whole nine yards can be heard on:

http://www.rawcoms.com/content/corporate/easyjet/031118_1841/run.asp

It's all good stuff.

[go_edw]

EasyJet has British Airways in sight
Robert Lea, Evening Standard
18 November 2003

PROFITS at easyJet have plunged after a year of expansion, despite a second-half fightback, but more growth in 2004 will soon see it carrying more passengers than British Airways.

'We will be there this [financial] year,' said chief executive Ray Webster, as he predicted growth from 20m passengers last year to 24m in the current 12 months. That will see it fly past BA on UK and European routes, a target which budget rival Ryanair says it expects to hit by Christmas.


For the year to end-September, easyJet today reported a £52m pre-tax profit, down 28% on last year. That was despite a 69% rise in revenue to £932m and 79% growth in passenger numbers. Excluding the Go acquisition, the underlying passenger rise was 27%.


But the figures mask a recovery from a terrible first half, in which it made a £48m loss as travellers stayed at home in the uncertainty before and during the Iraq war. Full-year figures were also hit by further Go integration costs (nearly £15m) and the £9m charge for walking out on an option to buy BA's German interests.


'Profits were up 44% in the second half and yields (the money made per passenger) are firming up,' said Webster. 'We have every reason to be optimistic.' The chief executive, now running the airline after the withdrawal of founder Stelios-Haji-Ioannou, also took a swipe at Ryanair boss Michael O'Leary.


The Irishman, facing an investigation over alleged illegal subsidies paid by Charleroi airport in Belgium-has tried to refer easyJet's new deal with Berlin to Brussels investigators. 'He should stop bleating and trying to drag everyone down with him,' said Webster.

[mjenkinsblackdog]

What hasnt be mentioned of course was the 6m wasted on DBA.
Without a single revenue flight.
The huge costs of Subchartering throughout the year.
Titan b757 at 10000 an hour etc.7000 for a b737.
Plus the loss of pilots to Now and dragonair!
Probably mainly due to poor rostering and crewing practices.
Therefore costing more in further training costs.
The above are areas that need to be addressed.

Previously 10m shared between the 40 favourites .{easyjet culture}.

[In trim]

mjbd, positive as usual! If you hate it that much why didn't you jump ship to NOW or dragonair?

You do make valid points, but the DBA exercise floundered primarily because of labour law issues. There is no doubt that the entire exercise did cost, but equally the company learnt a lot about the issues in Germany which will no doubt be reflected in the way the new (Berlin) growth in Germany is managed.

[mjenkinsblackdog]

In trim,
Dont you think easyjet should be making efforts to keep pilots who have been here over 5 years or less.
If rostering in particular was sorted out after 5 years of easy spin you would be retaining more pilots and therefore reducing costs.

If the proposed expansion is to be believed the pilot package must be improved or contract pilots will be the norm throughout the airline.

That might work in the short term but not in the LONG term.

If you hate it that much join Now or Dragonair!
Hardly great management comments!
Its like saying, I cant solve it so p*ss off!
{Very ORANGE}.

[Whippersnapper]

Well said, Blackdog. I wonder about the logic of the Berlin base. If DBA (as a German company) couldn't be integrated due to German employment laws, then how do Ezy plan to staff a base in that nation's capital? I can't see the Germans allowing the base to be staffed wholly by Brits (or Antipodeans, for that matter). Must be either of:

1) Cats out of the bag and they can't recruit enough quality crew in the UK due to the company culture, so they HAVE to put the new aircraft overseas, or;

2) The whole employment law thing is a load of old tosh to cover up baulked negotiations and the refusal of the DBA staff to work for EZY because, again, of company culture.

[Scottie]

Whippersnapper, if you'd listened to the webcast of the financial results then you'd have learnt that pilots based in Berlin will be on UK contracts just like the Paris based pilots.

I think one of the reasons for not buying DBA was the fact that the workforce were employed under German employment law. As the aircraft will be on the UK register the crew can be employed on UK contracts which aren't as restrictive.

In response to your other points;

1/ The UK is pretty saturated with locos. Europe is still a relatively untapped market. It was always EJ plan to expand. So they expand and you criticise them for it :confused:

2/ Baulked Negotiations and your evidence for this is?

easyJet may not be the best airline but neither is it the worst.

[In trim]

Before everyone shoots me down in flames, I actually totally agree with mjbd's comments. Yes, EZY does need to look after its crews, particularly in terms of roster stability and 'quality of life' issues. Hopefully the developments of the past few months, and talk of 5-3 patterns, will go some way to resolving this.

I asked the question solely because mjbd rarely has a good word to say about his employer. If I was so p****ed off at my employer that I never had a good word to say, then I would have looked elsewhere long ago!

[mischief afoot]

Fear not folks, help is at hand. Rumour has it that the new Fleet Manager at the Big Orange is to be a newly promoted FO with just 10 weeks command time under his belt and no training qualifications. No doubt his strong hand on the pilot management tiller will bring about change for the better for the pilot community.

[mjenkinsblackdog]

mis,
I hope you are joking!

[cosmijewel]

If I understood the power point brainwashing hype correctly, we're supposed to have 25% growth every year so having 28% drop in profits compared to last year is quite a big miss this year. Our open management don't seem too keen to talk about that though.

Just can't reconcile the Berlin base with the recent decision not to go ahead with DBA - if German employment law was too difficult a few months ago - why isn't it now or our arrogant lords and masters just going to ignore it and try and steamroller their way through?

I can just see the German unions going for some of the spin that comes from easyland.

Also heard about the new boy - slap in the face I'd say for the Base Captains that have been supporting JP and running the show up until now - our people are our greatest asset ................

[mischief afoot]

Like I said, it's just a rumour, picked up from an overheard conversation. Where I am now we are fortunate to have the only ex ezy management pilot who could have done that job. I believe new boy has been helping out on an on time performance project and it was his ability to walk and carry a clipboard at the same time that clinched it for him. Unfortunately no-one told the Base Captains that this was the criteria for selection and they had not a clipboard between them ...
;)

[LordLucan]

:ooh:
The next Base Capts meeting should be fun !!
:yuk:

[fimbles]

Especially as the Base Captain who put him in the frame for the 'clip board' job also applied for the Flight Manager position!!

[Scottie]

The pilots in Berlin will be on UK contracts so quite what it has to do with german employment law is beyond me.....interesting to see what union they joing though.

[cosmijewel]

And that just sums what silly ******s they are in easyjet. If you work in Germany you will need a German payroll and eventually to pay German tax. Details like this don't usually occur to the the 'highly experienced' management team in easyland.

Another well thought easyjet plan.

[Herr Klipboard]

How annoying. Being neither a Base Captain nor a line training capt I didn’t bother putting an application in for the Flight Crew Manager job. Now I find that all I had to do was dust off my trusty old clipboard and I could have been the line manager for 1000 pilots and two fleets. I’ve checked the NTC and there is certainly no mention of clipboard in it. Not only can I hold walk and hold one at the same time but I can write while I’m walking too – surely this would have given me an unassailable advantage had I been given the opportunity of an interview. I feel positively cheated. Do you think they would re-advertise the position if I sent them a picture of me holding it?

:)