Quarter 1 2010 Interim Management Statement
Highlights:
* Total revenue up by 10.5% to £607.5million.
* Total revenue per seat increased by 4.2% to £47.50, slightly ahead of expectations reflecting the strength of the easyJet network. At constant currency revenue per seat declined by 0.4%. Forward bookings are slightly ahead of the prior year.
* Passengers carried increased by 9.1% to 11.0million, with 54% of passengers originating outside the UK. Load factor increased by 2.4 percentage points to 85.8%.
* Operating cost per seat at constant currency, excluding fuel, was broadly flat (+0.1%) excluding the £8million of additional cost resulting from the unprecedented level of weather related disruption at European airports at the end of December 2009.
* Strong balance sheet with cash and money market deposits of £1,086million (excluding restricted cash) and un-drawn committed financing facilities at favourable rates of $448million as at 31 December 2009.
* easyJet’s position continued to strengthen with market share gains across Europe particularly London Gatwick, Paris Orly and CDG, Milan Malpensa and Madrid Barajas.
Commenting on the results, Andy Harrison, easyJet Chief Executive said:
“ easyJet was the best performing European airline during 2009 because we offer the lowest fares to the most convenient airports. easyJet has continued to deliver a superior performance into the first quarter of our new financial year. The strength of customer demand has allowed us to grow passengers flown by nearly 10% with virtually no yield deterioration, slightly ahead of our initial expectations.
Economic conditions remain challenging and we continue to expect a tough trading environment. However, the underlying performance of the business in the first quarter has been encouraging and easyJet remains on track to deliver substantial profit improvement during 2010.”
Highlights:
* Total revenue up by 10.5% to £607.5million.
* Total revenue per seat increased by 4.2% to £47.50, slightly ahead of expectations reflecting the strength of the easyJet network. At constant currency revenue per seat declined by 0.4%. Forward bookings are slightly ahead of the prior year.
* Passengers carried increased by 9.1% to 11.0million, with 54% of passengers originating outside the UK. Load factor increased by 2.4 percentage points to 85.8%.
* Operating cost per seat at constant currency, excluding fuel, was broadly flat (+0.1%) excluding the £8million of additional cost resulting from the unprecedented level of weather related disruption at European airports at the end of December 2009.
* Strong balance sheet with cash and money market deposits of £1,086million (excluding restricted cash) and un-drawn committed financing facilities at favourable rates of $448million as at 31 December 2009.
* easyJet’s position continued to strengthen with market share gains across Europe particularly London Gatwick, Paris Orly and CDG, Milan Malpensa and Madrid Barajas.
Commenting on the results, Andy Harrison, easyJet Chief Executive said:
“ easyJet was the best performing European airline during 2009 because we offer the lowest fares to the most convenient airports. easyJet has continued to deliver a superior performance into the first quarter of our new financial year. The strength of customer demand has allowed us to grow passengers flown by nearly 10% with virtually no yield deterioration, slightly ahead of our initial expectations.
Economic conditions remain challenging and we continue to expect a tough trading environment. However, the underlying performance of the business in the first quarter has been encouraging and easyJet remains on track to deliver substantial profit improvement during 2010.”