easyJet plc, the fast growing low-cost airline, today announces interim results for the six months ended 31 March 2002.
easyJet plc generated a profit before tax for the six month period of £1.0m. This is the first time in easyJet`s history that a profit has been reported for the first half which is traditionally loss making, due to the seasonality of the business. This result is due to strong passenger demand, the timing of Easter and few serious weather related disruptions.
Highlights of the half-year performance include:
Revenues up 36% to £194m (2001: £143m) / First-half profit before tax of £1.0m (2001: £10.3m loss) / Passenger numbers up 36% to 4.3m (2001: 3.2m) / Load factor up 3.6% points to 84.2% (2001: 80.6%) / Five new routes launched from Gatwick, where easyJet is now second largest scheduled carrier, after the British Airways group / Introduction of five new Boeing 737-700 aircraft / Successful equity issue raised £93.3m
Commenting on the results, Ray Webster, Chief Executive, said:
“These results reflect the continued success and robustness of the easyJet business model. We have been able to benefit from the major changes in the European aviation industry. In the last twelve months 8.3 million passengers flew with easyJet, with around 90% of customers continuing to book through the internet.
“The introduction of five new routes from Gatwick linking existing destinations demonstrates easyJet`s continuing strategy of concentrating on network density. Over the summer, easyJet will serve 45 routes from 19 airports.
“The recently-launched services from London Gatwick are proving popular with our customers.
“Since the half-year end, services have been launched from Paris Charles de Gaulle to Liverpool and three further services from the French capital are starting later in the second half. Though demand is anticipated to be strong, yields are expected to be immature and advertising expenditure higher as the market is developed.
“My colleagues and I remain confident of achieving our expectations for the full year.”