Any recruitment likely at Easy?

[his3dmw]

I've always received a night stop payment for any night in the Copthorn and then a standby payment for any Training day.

[Flyit Pointit Sortit]

Right up until the point you made it known by posting the details here.

You can expect that to stop as of now!!!

[Happy_Days]

Depends on the contract, we get them.

[BitMoreRightRudder]

So for anyone wanting to join as you can see the RHS seat at ezy is now a ragbag mixture of contracts with the only common theme being each one is progressively worse than the last. The good news is there are many F/Os eyeing/on their way out of the door, so if the company wants to retain current pilots and attract new joiners it will have to start offering permanent deals. The bad news is our operation is now undercrewed on a permanent basis and flexi rosters are the way of the future. The problem of course is the senior management team have made it clear they couldn't give 2 's if people stay or go as long as CTC keep pumping out cadets who will accept whatever comes their way - and with the debts they have, who can blame them.

It is a real shame because there is plenty that is good about easyjet and it really could offer a long term career path from junior F/O to senior Captain, but our paymasters have absolutely no interest in such an idea.

[Pick me Flybe!]

Bit more right rudder - "The bad news is our operation is now under crewed on a permanent basis"

Are you talking specifically about EZY UK or are you including all of the other franchises in this.

[BitMoreRightRudder]

The whole operation in general is undercrewed Pick Me Flybe. The bigger bases such as LGW bear the brunt of the shortfall. Shortsighted management caused many millions of pounds to be wasted last summer fighting fires caused by a severe shortage of crew. The noises coming from our management and the limitations of our training department (we don't have enough capacity to train the required amount of pilots) indicate this summer could well be another debacle.

I do think easy will be forced to recruit experienced/non type-rated pilots soon as the experience levels in the RHS are falling rapidly, the company don't seem to realise you cannot replace every 3000-4000hr SFO who disappears to the sandpit or BA with a 200hr cadet but this is the policy that is being persued at the moment. The problem for any experienced F/O who wishes to join from airlines such as FLYBE etc is I am almost certain they will try this FLEXI bllocks with you. I would urge you to tell them to shove it unless they are going to treat you with the respect your prior experience deserves.

[J-10]

EasyJet Drops Most in 6 1/2 Years as First-Half Loss May Double

EasyJet Plc tumbled 16 percent, the most in 6 1/2 years, after Europe’s second-biggest discount airline said its first-half loss may double after fuel costs rose and icy weather and strikes caused flights to be canceled.
The pretax loss for the six months to March 31 will be as much as 160 million pounds ($256 million), versus 78.7 million pounds a year earlier, Luton, England-based EasyJet said today.
Disruption from Britain’s coldest December on record and walkouts by air-traffic controllers in France and Spain lifted costs by 18 million pounds and 6 million pounds respectively in the first quarter, wiping 7 million pounds from profit, EasyJet said. First-half kerosene costs may be 30 million pounds higher.
“With oil close to $100 a barrel, fuel is a big, big issue,” said Gert Zonneveld, an analyst at Panmure Gordon in London with a “buy” rating on the stock. “And in the economic climate we're in it’s more difficult to compensate with price increases, especially while they’re adding seats at such a pace.”
EasyJet fell 73.8 pence to 382 pence, the steepest decline since June 7, 2004, paring the company’s market value to 1.64 billion pounds. The stock has lost 13 percent this year after advancing 25 percent in 2010.
Stelios Haji-Ioannou, EasyJet’s founder and largest shareholder, said separately today that the carrier’s business is “too seasonal for its own good” and that it should not blame the weather “every year.”
Slower Bookings
A slowdown in bookings during the snowy weather and lower- than-expected demand for checked bags, for which EasyJet charges, means reported per-seat revenue will decline by “a couple of percentage points” in the first half, it said. That implies a 4 percent decline in the second quarter, according to Jonathan Wober, an analyst at Societe Generale SA in London.
EasyJet is testing ways of raising more cash from baggage check-in and may vary charges by sector length, Chief Executive Officer Carolyn McCall told analysts. It’s also looking at a propensity for continental travelers to pack heavier carry-on bags, which fly free whatever weight, spokesman Paul Moore said.
Some 59 percent of passengers originated outside Britain in the first quarter, when sales gained 7.5 percent to 654 million pounds, compared with 54 percent a year earlier. Capacity rose 7.7 percent in the three months, led by advances of 32 percent in France, 26 percent in Switzerland and 13 percent in Italy.
Airports also need to boost infrastructure spending after heavy snowfalls in the past two winters, said McCall, whose minimum forecast for the six-month loss is 140 million pounds.
Fuel Hedging
While EasyJet is hedged on 78 percent of its jet-fuel requirement for the fiscal first half, the current market price of $897 a metric ton for the un-hedged portion is 32 percent higher than a year ago, the company said. For the second half, it is covered on only 65 percent of its kerosene needs.
“The economic outlook in Europe remains uncertain and the higher market price of fuel will inevitably put pressure on margins in the short term,” the CEO said in a statement.
Early indications suggest second-half sales “remain robust” and full-year forecasts are “broadly unchanged” assuming no more disruption and excluding the additional fuel costs, EasyJet said.
Founder Stelios, who prefers to be known by his first name, said the carrier’s projected first-half losses indicate it will fail to generate sufficient annual earnings to deliver a targeted 12 percent return on the capital employed to build a fleet in excess of more than 200 aircraft.
Extra Capacity
The investor questioned whether 15 more planes ordered this month can be deployed next winter without losing more money as un-seasonal routes dry up. EasyJet said today it has also extended the leases on three Airbus SAS A319s for a further two years to add summer capacity to leisure destinations.
McCall, who took over in July, aims to lift profit margins by offering flexible tickets to attract business flyers, helping to differentiate EasyJet from Ryanair Holdings Plc and increase competition with network carriers including British Airways Plc. The carrier is “very pleased” with the early performance of the new ticket system, which has exceeded expectations, she said.
McCall also plans to make dividend payments in 2012 for the first time in EasyJet’s 15-year history after net income rose 70 percent to 121.3 million pounds in the 12 months ended Sept. 30, with pretax profit almost tripling to 154 million pounds.
EasyJet has posted a first-half pretax loss for the last eight reporting periods while recovering to record a full-year profit. Spokesman Moore said the company’s October-September fiscal year means that the summer months, always the most profitable for the industry, don’t impact until the second half.
To contact the reporter on this story: Chris Jasper in London at [email protected]
To contact the editor responsible for this story: Kenneth Wong at [email protected]

EasyJet Drops Most in 6 1/2 Years as First-Half Loss May Double - Bloomberg

After reading the above article perhaps not

[Norman Stanley Fletcher]

J-10 While no one welcomes a large share price drop, it is very important to understand the background. EasyJet is one of the most stable airlines in Europe and will make a substantial profit this year, like every other year. In addition due to its ongoing expansion, it will continue to make even greater losses every winter - offset by bigger profits over the whole year. That is the nature of the European airline industry - lose a lot in the winter and make it up in the summer. I am not aware of any airline to whom that does not apply.

Stelios, as always, is unable to resist any opportunity to talk down his own company and is obsessed with 'consolidation' in order to get his hands on the big money when dividends start in 2012. He perceives money spent on aircraft as money coming out of that dividend. Personally I do not accept that characterisation but there you have it. Whether he likes it or not, all airlines were hit massively by the snow and, due to ridiculous EU legislation, are being left to pick up the bill for a problem that is completely outside of their control. A number of UK airports in particular are spectacularly failing in their obligations to keep their runways open in adverse weather and the airlines are paying for their inadequacies.

Not surprisingly, many people are listing easyJet shares as a 'buy' right now, and if I had some serious money I would be going for it in a big way. The share price will rise again pretty quickly and some sharp people will make a killing on it. It is also worth noting that due to the traditionally slack period that is January, easyJet held a 4-day sale last week. They had around 680,000 hits in one day on the website and at one stage were selling enough tickets online to fill an aircraft every 4 seconds. Furthermore the yields are up and the load factor over the year is running at around 87%. There are many airlines who would love to be in that position right now. In the next few weeks many less fortunate airlines will be releasing first quarter figures bad enough to make a glass eye cry and the figures from easyJet will be given a sense of perspective. The time to talk down easyJet will be in September when the end-of-year figures come out, but I do not imagine there will be too many airlines in a position to better the numbers posted by the Orange Empire - we shall see.

[J-10]

Thx NSF, i'm just a trainee pilot still trying to understand how this industry works and your reply shed some light on it. Once my training is complete i would love to work for Easy

Not surprisingly, many people are listing easyJet shares as a 'buy' right now, and if I had some serious money I would be going for it in a big way.

Already done

[Craggenmore]

NSF,

EZY are in a good position as you say. But just look between the lines. None of this is complex. If you were management, you'd be doing the same.

They are the cooks and we, the ingredients. You get out what you put in?

Stelios is right to challenge the new bosses. He's a shareholder as are we (SAYE/BOGOF.) My 2007 scheme, in which I saved £7,200, realised me a £300 gain in 3 years. That is a truly dire performance and any fund manager would be out the door for such woeful ineptitude. In pilot speak, they flew you into a mountain.

They have been in the job for over six months now and I've seen nothing tangible except a new format for PMail. What have you seen change?

It's the same old stalling of pay deals, mix-up of contracts and daily boardroom talk of "er,......what the hell have we gotten ourselves into....!"

Not surprisingly, many people are listing easyJet shares as a 'buy' right now, and if I had some serious money I would be going for it in a big way.

Wrong. Rule number #1 re: investing in your own company as an indian and not a chief: Never go in big. If your medical fails, you lose your job or the company suffers, you are over-exposed and will lose much. As any respectable stock-broker will tell you, "it's important to separate ones savings from ones livelihood."

I know Hugo Scott-G from another life (he is the Goldman-Sachs analyst for all things easyJet and is the one advising you to 'buy'.) He is advising you to buy as he is paid by GS to advise something.

[Caudillo]

Stelios, as always, is unable to resist any opportunity to talk down his own company and is obsessed with 'consolidation' in order to get his hands on the big money when dividends start in 2012. He perceives money spent on aircraft as money coming out of that dividend. Personally I do not accept that characterisation but there you have it

In that case your argument is mistaken. Stelios owns 38% of the company or something along those lines?

Excluding special situations such as takeover bids, there are only two ways that a shareholder can make money from current profits in their holding:

One is that the airline pays a dividend, an income for the shareholder; or it engages in share buybacks which is essentially a tax-free way of paying a dividend - by reducing the shares in issue, the profit per share increases, as should the value of the share.

The second is that the airline makes the profit, retains those earnings which increases the value of the company. The shares should (but may or may not) rise to reflect that and you can take a capital gain.

Your argument implies if you endlessly repeat a formula then the losses and profits to dates will similarly multiply up. It takes no account of diminishing returns and the marginal cost of production.

To date, over the last 10 years, 5 years, 1 year and 6 months Easyjet has now underperformed the FTSE 100. It's an even worse performance against the FTSE 250. See for yourself if you find that hard to swallow. He would've even been better off sticking the whole lot in a current account or even a hole in the ground for the last decade - or indeed any of those other timescales - as his shareholding has seen a capital loss (not just a slower rate of growth than the benchmark) and no income whatsoever at any point. But hey, if you also had £600 odd million too I guess you wouldn't expect it to grow or pay you interest - so keep shouting the him down.

[weavey]

Er, Any recruitment likely at Easy?

[Superpilot]

It's either Captains Taking (your) Cash or no job at EZ!

[Beavis and Butthead]

Speak to CTC and PARC, not just cadet but experienced as well. Type rated only.

[Agaricus bisporus]

Puzzled.

As quoted above the value of EJ is £1.6Bn from the current stock price.
EJ are said to have £1.6Bn in cash reserves in the bank.

Therefore the city thinks the company is worth the same as it's cash reserves.

So what is the business itself worth? Nothing?

[mototopo]

Hi there!

Anybody knows about current recruitment and how long it will last?
How many heads needed? Parc and CTC Bus-guys?

TKS a lot!

[ReallyAnnoyed]

270 new flexi FOs from CTC/PARC were forecast for 2011. No idea how many have already been taken though.

[calypso]

Value of the business is: Assets - liabilities + goodwill. I think you missed one of those in your calculation.

[stansdead]

NSF

"While no one welcomes a large share price drop".............

...........apart from the short selling speculators, who cause so much havoc.

[Toastal]

Back on the topic

Seems that experienced bods (not necessarily type-rated)will be required towards the end of the year me thinks!