Easyjet make £72m profit

[southern softy]

Profit before tax up 78% to £71.6m (2001: £40.1m)
Revenues up 55% to £552m (2001: £357m)
Passenger numbers up 60% to 11.4m (2001: 7.1m)
Cost per Available Seat Kilometre down 1.3% to 4.46 pence (2001: 4.52 pence)
Average net fare down 4% to £46 (2001: £48)
Profit before tax, goodwill and exceptionals1 up 86% to £81.8m (2001: £44.1m)

So what about the work force. :rolleyes:

[Orangewing]

Well of course the work force get completely shafted. We may be the most profitable uk airline, but its flying staff must also be the worst treated in the uk.
Give this airline (if you can call it that) a VERY wide berth if you are considering joining.:confused:

[springbok449]

Well no more excuses now, get your wallet out and share the money with people who really deserve it, hey?!
No doubt this will help in the pay negotiations or am I dreaming again?!
Imagine how much profit could have been made if certain individuals had not made some tragic and very expensive mistakes.

[Expert]

What a busy day today for easy and a shame to see Stelios resigning on his nameday! Wish him and the company all the best.

[SOPS]

Stelios has resigned ?????

[Expert]

He will be resigning as of noon today.

[orange pilot]

Sad to see stelios go, now what shall I send my pay raise on? mars bar or a newpaper, some many choices so little money!!!!

[bacon torpedo]

I cry for you poor pilots! You must really be struggling to make ends meet on that small pay packet you take home every month!!! Looks like you'll have to downgrade from the Merc to a BMW!! Boo Hoo!!

[mjenkinsblackdog]

Well done easy.
We will keep our crew food and have a 7pc payrise,plus work 4on 4off from now on!:cool:

Bye Stelios shame to see you go!

[springbok449]

MJBD,
You forgot to put in that packet incentive bonus schemes to make us perform to expected standards!

[mjenkinsblackdog]

spring,
Your right plus the new 911 for next year.
:cool:
Parked right next to rays of course.

By the way Im already performing nicely thanks!

[airbourne]

Bacon,

I drive a BMW. Something wrong with working hard, and spending that hard earned cash on a nice car. You dont like your translink then!?

[Mike Oscar]

Let's face it, some of you will never be happy....

You are working for a successful and expanding company. Nice shiny Busses on the way. Rosters now pretty stable after the well-publicised disasters of earlier this year.

LCA's have undoubtedly benefitted from passenger shifts after 9/11. We've had a good year. Fuel prices have been low, but Texas is about to go to war with Iraq so all that is about to change.

Look at all the other threads on this site.....Euroceltic in trouble, BACX base closures and general uncertainty within BA, MYT in trouble. etc. (Let alone SN, SWR, and uncertainty elsewhere in Europe.)

Personally I'm happy to be working in an environment where I have stability (far more than my previous employer as it turned out!), a reasonable pay packet, shiny new toys on the way, and a company that is keeping a tight rein on costs, even when times are good, so we have some in reserve for when the bad times hit us.

If you don't like it, you know where the door is!!

[Colonel Klink]

Mike Oscar and Bacon Torpedo,

One thing is clear about you both: you set standards SO low, that both of you should have no trouble attaining them!!

Yes, easyJet is a successfull and expanding company but lets' be honest here: £72 million is nothing comapred to what it could have earnt if it had been well managed this year. But, as the company itrself says, employees are the key to its' success and this year we have worked harder than usual to nullify the effects of the incompetence shown to us in many cases by those 37 receiving the Golden bonus. We have been loyal, workerd hard, flexible to the point of discretion whenever it was required and made the company worthwhile enough to continue expansion and profitability, while buying other airlines like Go. What gives either of you the right to tell me I should be satisfied while the company declares record profits, and only a few get to share what we have made. I do not work to make RW or JP wealthy, and neither do you!!!

I say Naff off to both of you (and would say worse if the forum allowed) Don't darken my doorstep again!!!!!!!!:mad:

[spanners]

Hi all,
If Easy made such a large profit, why did their shares lose so much value on the stock exchange today?

[ghost-rider]

Probably 'cos staff with shares took their first chance at being able to sell some of them due to the initial two year lock-in period.

[mjenkinsblackdog]

Mike Oscar,
Where in gods name have you been?
Your out of touch and out of tune.I suggest you get retuned.
The last summer was the most challenging to any tech crew with a disruption allowance which should have been generated ages ago.
Carmen system was chaotic and dangerous at times.
Thank god its gone!

71.6million profit!
10 million to 40 managers.
Explain to us all why we should now expect ANY disruption to our terms and conditions?:cool:

Nb Many thanks to James Varley regarding your help over options!

[2500]

The following article from today's Times may explain why the share price fell. There is no truth in ghost-rider's assertion that the exercising of options has had an effect as there has as yet been insufficient time for any options to be exercised.

Shares in easyJet down by 14%
By Russell Hotten



SHARES in easyJet fell 14 per cent yesterday as investors worried that the rapid growth of Europe’s biggest budget airline may be coming to an end.
The carrier, which entered a new era as founder Stelios Haji-Ioannou officially stood down as chairman, reported another surge in pre-tax profits, up 78 per cent to £71.6 million last year.

But concerns about increased competition in the low-cost sector, and unease about acquisitions, cast a cloud over Mr Haji-Ioannou’s last day, with the shares falling 55¼p to 334¾p.

Revenues rose 54.6 per cent to £552 million, including an 18.5 per cent contribution from Go, the budget carrier that was spun off from British Airways.

Analysts pointed to a 4 per cent fall in average net fares to £46 as easyJet cut prices to fill new capacity. “I think the competition is probably having a bigger impact than they’re letting on,” Gert Zonneveld, at West LB Panmure, said.

However, Ray Webster, easyJet’s chief executive, said the fall was consistent with the carrier’s growth plans.

“The faster you grow, the more discounts and spending you have in the early stages,” he said.

As well as buying Go, easyJet also has an option to buy BA’s subsidiary in Germany. Mr Webster said work on assessing Deutsche BA was going well and he was optimistic about exercising the option.

But this purchase, along with easyJet’s move into some higher-cost airports and its acquisition of 120 aircraft from Airbus, has led some analysts to wonder if the airline is taking on too much.

Mr Haji-Ioannou, who set up easyJet in 1995 with two aircraft, was yesterday formally succeeded by Sir Colin Chandler, the former defence-aerospace executive.

Run out of an orange corrugated iron shed near Luton airport, easyJet epitomised the booming budget airline sector, which has stripped business from conventional carriers.

Copyright 2000 Times Newspapers Ltd

[Reheater]

As an employee. Great to see company doing well. Shame about the few miserable employees. You get them in every company.
Not many other airlines in UK sector doing as well as they hoped.

My view is those who dont like it should have the courage of their convictions and leave. Go and join the likes of BMI,KLM UK andMy Travel (to name a few) all of whom have quality employees who are unhappy with their lot. The grass is always greener.

Myjenkinsblackbollocks who would you join?

Same question to Colonel Klunk

[Airbrake]

Reheater are you even a pilot? Having had a look at your profile, you are either a pretender, or cant type. Which one is it?

[Mike Oscar]

MJBD and Colonel Klink,

Maybe as I'm not close enough to the discussions on T+C's my post was a bit strong, in which case I am prepared to moderate it slightly if you wish.

However, based on what I've seen and heard of the current Go and eJ T+C's I get the impression that the shape of the overall package being proposed was a pretty good compromise in most areas, whilst bearing in mind that the company simply could not take the "Highest Common Denominator" from each element of the two current packages.

I still however stand by my views that as a company we have done well, but should not be complacent. Average fares and yields are down, competition is increasing, etc. etc. We are all very fortunate to be in what (hopefully) are secure jobs, and I am very concious that the pages of PPRUNE are quite depressing at the moment with the number of airlines 'in trouble'.

Having been made redundant once (not a nice situation), I for one am prepared to put up with some of the cr@p for the sake of paying the mortgage and supporting the family in the longer term.

[kennedy]

Mike Oscar

I'd like to have your stable roster then!

I have worked on 5 of my original rostered days this month! the rest have been changed!

[RAT 5]

Mike Oscar;

It is that attitude, one lacking in self pride, that will encourage management in any field to trample all over you. They will push you down as low as they can or YOU allow them to.

Moving on to an enquiry. I'm a pilot not in easyjet but am a share holder. I hope for some inside local knowledge.

In the aftermath of 9/11 last February, EJ shares were low 4.00. They were a recommended buy with specialist brokers. Over the following few weeks they rose to 5.60. Seemed good advice.
Within a few months they had fallen 60% to low 2.00's. Not a word from the management!!!!!!! It could not be brushed off with a split in the shares or the general market; not 60% so soon after a buy recommendation.

While this was happening we were reading that about the chaos that was happening with the schedules. I had friends in VEX ferrying from BRS to man the pumps, and even heard of B757's helping out. This must have cost a fortune off the bottom line and is not the first costly cock-up.
At the same time the purchase of GO was announced and management awarded themselves 10m bonus. For what??

It is management's job to strengthen the business. That is what they're paid for.(I get paid not to bend aeroplanes. The bouns is long overdue. )
If management feel they deserve a bonus for doing their job, where is the penalty for screwing it up??????? (A bent areoplane = P45 for me). The success, or not, of buying GO will take at least 1 if not 2 years of full accounts to prove the case. Awarding yourself an ourageous bonus so soon is like getting the Oscar before the film is released. And gawd knows what will be up for grabs if ej buy DBA.

The troops were offered a paltry sum for 2002 and I believe it is not yet settled. They perhaps will get jam tomorrow in any employee share sale. As the share price crashed, and management saw their own massive windfall on share profit dissolve before their own eyes, and perhaps by their own hand, have they offset this and guaranteed themselves jam today, AND perhaps jam tomorrow?

I presume the 10m comes off the botom line. The troops are share holders. Do you have a voice at a share holders meeting? Surely such matters need to be agreed at such a meeting. Has anyone spoken up? And if the moral issue is so strong that pilots leave, and a/c eat concrete, what of the share price then; indeed the future of the whole airline?

Easyjet publically presented itself as a new fresh airline with a cosy family culture that did not follow the old model. I read RW's own words in ej's magazine. He said that at the core of the orange philosophy were, equality, honesty & transparency. Fine words, but where are the deeds to back them up?

I see fat cats in the shadows at ej. The old model of greed is alive and well. It all seems a damn shame.

What is really going on? There appears to be no comparison with South West, except in ticket sales. EJ procalim that they are based on SWA and that the employees of SWA have voted it one of the best compnaies in USA to work for. By inference ej is the same. From the posts on other threads this does not seem to be the case.

So will ej survive and grow, which is essential for the share price? What will the new chairman change? I suspect policies will only change with personeel changes. Do I hold/buy/sell?

[Stan Woolley]

Mike Oscar

I too would put up with a crap deal and a crap lifestyle if it was necessary .You steady rosters are obviously in a place far far away from Luton.

The management (sic) have certainly rewarded themselves for their efforts, so why not all the employees?

The profits could have been fifteen million higher if those same people hadn't thrown away that amount during the summer fiasco.

If you think items like the removal of crew food and a 1.3% pay rise for cabin crew is fair enough after yesterdays announcements then you are in the right place. Once people take you and reheaters' advice and start leaving the effect it has on your life might make you realise why many long time easyjet employees are so pi**ed off.

Make no mistake it's just a matter of time, and yes I too have been made redundant, twice.

Reheater

The few (hundred) miserable employees are not just miserable, they're extremely pi**ed off , I predict you will be too, sooner or later . Still, maybe the excitement of flying an 'shiny new bus' will satisfy your expectations for ever. :rolleyes:

:mad:

[Mike Oscar]

Okay....I'll admit I hadn't realised the strength of feeling. From where I'm sitting I thought all was reasonable and we'd got over the disasters of the summer as far as roster stability etc. is concerned. I have misjudged.

I'm not sure the strong views on here are totally representative of the pilot group as a whole? Certainly not the significant number I've spoken to.

I still stand by much of what I said, and for me job security counts for a lot.

All comments I made were in relation to Flight Deck....I know nothing of the Cabin Crew discussions and will therefore not comment on them.

And to answer some of the above questions.....I have no say at shareholders meetings, I will see nothing of the management bonuses, etc.

[steamchicken]

With (very little) respect to the stock exchange, John Maynard Keynes famously said that it is not a healthy position when the supply of funds for investment becomes dependent on the activities of a casino. A good example?

[Colonel Klink]

Mike Oscar,

I too have been made redundant once, and on another occasion had to resign my hard-won job as a result of industrial action, so maybe I know about what I talk. The strength of feeling is almost universal in easyJet as to the revulsion of the management and their stinking pay deal. The profits yesterday and the windfall bonus for the favored 37 who split 10 million has added fuel to the fire. It would be very unfortunate but quite possible that industrial action could take place, and this deal WILL NOT be settled by the required 10th December. The boyz in the crew rooms are seething, and so too would you if you had worked as hard as us for so little reward.

Regards,

The Colonel.:mad:

[mjenkinsblackdog]

Mike,
Id stay along way from the luton crew room if I was you.
You are completely out of touch with the average easyjet tech crew or cabin crew.

If your happy with your lot then fine,but DONT lecture to the professionals please.:cool:

Try doing 7sectors without proper crew food and drinks.Its extremely dangerous.
I used to fly with arabs in the middle east who were fasting and they were not on the ball.
They were suffering from extreme fatigue and low blood sugar levels.
One chap was actually incapacitated and dragged off to hospital.
The company actually lost an airbus killing everybody on board a couple of years ago!Although I dont think the pathologist had much to inspect.
This crew food thing is a SAFETY thing.
I thought easy took SAFETY SERIOUSLY.

Stelios once said if you think safety isnt important then try an accident.:cool:


Mike keep your nose out of it.
How would you like your cosy canteen removed making you go to the terminal!

[FlapsOne]

7 sectors?

Journalistic licence by any chance?

[Engee73]

Pilots license actually! :D :D :D

[mjenkinsblackdog]

Flaps 1,
Your gatwick based laddie.
7 is what you would do from luton.FACT!:cool:

[bacon torpedo]

Why do most pilot's answer a negative posting with:

"You obviously have no convictions" or words to that effect!!! Not everyone is worried about getting hot food at work. Some of us (if you can believe it) actually cook at home!

It must be nice to do a job that is also your hobby, you must be right up there with footballers. Oops, no, they get hot meals before a match!!!!!;)

[FlapsOne]

mjenkinsblackdog

I believe you mean you're

That is a FACT, laddie!

[fred peck]

bacon torpedo:

Don't be naive; many years ago my hobby was flying. Now it's my job.

Having been relentlessly mucked about by managements, rostering departments, and crewing departments, I've accepted a screwed-up lifestyle and inconsistant work pattern. That doesn't mean to say I should accept reductions to my terms and conditions.

Of course I still enyoy the flying, and wouldn't swap for anything else.

However, I fly for money.......to spend on my hobbies!

[Finman]

Mike Oscar

You said:

<I'm not sure the strong views on here are totally representative of the pilot group as a whole? Certainly not the significant number I've spoken to. >

I don't know which planet you are on, nor how many people equals 'significant'.

Colonel Klink describes perfectly the mood of the 'significant' number I've spoken to. We are very p***ed off with the 'management' and many would leave if there was a suitable escape route. :mad:

[A Very Civil Pilot]

Perhaps eJ nicked it from My travel, who appear to be £72 million short.

[mjenkinsblackdog]

Flaps 1.
Its still 7 luton 4 gatwick max.
Bye bye laddie.:cool:
Or SHORTY!

[BTB]

Bacon: have a wee think.

Think about Airline captains and what they have been through to get there, how much money it has cost them, how secure the long term market has been over the years, and how much responsibility for lives, national security and the amount of high pressure decisions, lifestyle, working hours etc that they experience. Now: find a comparitive profession: mm; lets say, surgeon, accountant, top civil engineer or top civil servant. Now go to let`s say, a surgeon:

Dr scoggins, sir, I want you to go to work at 4.30 (in an hour by the way because you are on standby) and stand at the surgery table for 12 hours constantly operating with your patients lives at risk, and if things go wrong, another two hours or even three (total 15) and by the way with not a single break; but if you get a chance if you managed to throw in your bag a couple of unhygenic butties that would be fine, you could possibly munch them if you get a chance, but don`t blame me if you get food poisoning because we give you a 70% tax break:-

Oh and by the way, at the end of this possible 15 hour unplanned day I may ask, nay demand, you to perform the most difficult operation you have ever faced in awful conditions and if you make the slightest error at best you will be sacked and at worst many people will die!

Oh, and although the hospital has made record profits, and the hospital administrators have a fantastic canteen, a massive bonus scheme, and a completely predictable lifestyle where they can live a fruitfull and normal life, they will add to your frustrations by refusing to bring to an conclusion to a perfectly reasonable pay deal for the boys on the sharp end; possibly because they are too busy looking at decorating catalogues for thier new free house. On the backs of the ground down personnel who had to endure the hell of the summer caused by an appalling management rostering decision.

But of course, like medicine, flying is a vocation, so we put up with it. But could you imagine a surgeon doing so?

You silly wannabees should vacate this thread and let it revert to br the PROFESSIONAL pilots rumour network.

Baah.:mad:

[Scottie]

BTB, whilst I fully agree with your sentiments I had a good chuckle at the following;

Now: find a comparitive profession: mm; lets say, surgeon, accountant, top civil engineer or top civil servant. Now go to let`s say, a surgeon:

How do you get your ego through the cockpit door? :D

The consultant that saw a relative was working 13 hours days, the day I met him he finished at 10pm and was back in at 8am. The consultant refused to eat the food he was provided with (Alpha caterers?) and brought his own.

The surgeon that operated (more responsibility & skill than a pilot (may I dare to make such a controversial statement? :eek: )) did two heart bypass's the day my relative had one, each taking a minimum of 4 hours plus preparation.

However maybe they weren't "top" surgeons or consultants? :rolleyes:

[Colonel Klink]

Scottie, You are a fool, BTB is absolutely correct and it has nothing to do with ego. Just remember, a surgeon, no matter how incompetent can only kill one person at a time through negligence.:D

[FlapsOne]

At least he had a choice about food!

[Scottie]

Colonel Klink,

You are the fool :D

Under your analogy you can compare us to train drivers and bus drivers who through their negligence can kill many hundreds of people :D

[bacon torpedo]

How could you ever compare a pilot to a "let's say, a surgeon"??

A pilot transfers cargo and/or people from A to B.

A Surgeon saves people lives, puts limbs back where they should be etc. etc. etc.

A pilot compares to a bus driver, a tube driver, a train driver, a cabbie or one of those guys with a rickshaw.

The only difference is, they can cook their own food!

[Scottie]

Bacon Torpedo how could you compare a pilot to a bus driver etc?

Methinks you are on the wind up.

BTB tries compare a pilot to a surgeon but I think there is no basis for a comparison.

A surgeons task carries infinitely more risk to the one individual he's operating on, after all risk on most major surgery runs at about a 2% fatality rate. Most of us wouldn't put ourselves into the air if it carried a 2% risk of death :eek:

However I work for the same employer as BTB and probably Colonel Klink and I fully sympathise with their sentiments. :(

[BTB]

Scottie and Bacon: what on earth are you doing on this forum? You are plainly not Professional, or pilots. How dare you idiots compare us to bus or lorry drivers? Do they payup to £60000 to get thier HGV`s or PSV`s? Do they work up to 15 hours without a break? Do they arrive at the bus terminal at 180mph in thick fog? Do they carry enough fuel to incinerate a large town? Do they have regular shift patterns, but can be changed at a whim by crewing to a pattern 12 hours out of synch? And do they get a break every few hours because it is considered ABSOLUTELY NECCESSARY FOR SAFETY! You idiots.

[Engee73]

If I might venture an opinion :)

Most of this discussion in the negative seems to suggest that the pay deal is held up by a lack of funds. I don't think that this is the case. The pay deal offered by the company is a pay rise for GO (or rise in T's & C's) and a cut in same for easyjet pilots.

I think the sticking point in the whole negotitation is a rostering agreement. With a decent rostering agreement we might be prepared to cook ocassionally and accept the 3% that is being offered. Without it our heels will dig in and lets face it we are only asking for something reasonable in the light of accepting the abuse of CAP371 for the last several years to get the airline into the position that it is now. There are in fact opportunities for win/win in terms of cost if the management arre serious about exploring different rostering practices.

I do not wish to compare myself to a surgeon because I can't do his job and he can't do mine. In fact the only similarity I can think of is that they (the surgeons) are also in a dispute over pay and conditions!

End of opinion!

:D

[the boy John]

NG73, I'm surprised to hear that Go pilots are to receive a rise. I had thought that EJ Captains were paid marginally less than Go, and FOs considerably less, thus not much change for EJ Capts but a substantial rise for EJ FOs.

Yes, ets all stand up for a decent (human) rostering agreement.

Surgeons? When they have no overtime and can work 24/7/365, locked in the theatre unfed for 12 hrs a time and have five checks per year upon which their continued employment depends I'll listen to their case. Until then, I know who's on the hind tit...don't you?

[khasabman]

Spanners............now wasn't that totally unexpected :rolleyes:

[The Puzzler]

Puzzle me this....

It took you guys a while to figure out that Bacon Torpedo is on the wind up:cool:

As for profits vs. rewards I can only say that greed is alive and well and the only ones in this for the long haul (pilots) will by their own volition be shafted. Do not accept a degradation in T & C's as you'll never get them back. MJBD hit the nail on the head with crew food, it is a SAFETY issue with nothing to do with extra money in your pockets. If the company seriously wants to save money then perhaps the free Friday night BBQ at easyland could have a pay-as-you-drink system. In real terms pilots conditions have deterioated in the last 20 years - its time to stop this trend and it doesnt mean shafting your own company. Wake up and smell the coffee boys and good luck!! :) :)

[Few Cloudy]

Well, before working for EZY, I had a long-term job with a national carrier. Things went well and salaries did increase. Late on, when they went bad, we took a cut in pay. The trick is to keep the pilots thinking they are expensive, whereas in the fixed costs, the pay they receive is a smaller fraction than you would think.

By the way, that national carrier went bust, as a result of gross misinvestment in failing airlines - the boys up front had nowt to do with it.

Internal squabbling doesn't help a united civilised front to management, which is what is needed here, rather than rising to the bait thrown down by the pork sword of an Irish pig in the posts above...

[mjenkinsblackdog]

few,
I think that was mainly binnys fault!:cool:

[Few Cloudy]

Dog,

Yeah, the Bin man didn't help but that airline was bleeding to death very fast anyway - still a few skeletons in the cupboard there too.

In fact the troubles there started five years back with compulsory retirements at 55 - got caught in that one. Wasn't all bad though got three orange years during the expansion and met some very nice people doing a good job.