EasyJet announces interim profit
easyJet today announced a profit before tax for the six months ended 31 March 2002.
The pre-tax profit was £1.0m, compared with a £10.3m loss in 2001, and revenues were up 36% to £194m, compared with £143m in 2001.
It is the first time in easyJet’s history that a profit has been reported for the first half. The no-frills airline said this result was due to strong passenger demand, the timing of Easter and few serious weather related disruptions.
Commenting on the results, Ray Webster, Chief Executive of easyJet, 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.”
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