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easyJet profits jump 78%
EasyJet has announced profits of £71.6 million for the year.
The profits for the the financial year to 30 September 2002 are 78 percent higher than last year. Revenues increased by 55 percent, to £552 million, and passenger numbers increased 60 percent to 11.4 million.
The no-frills carrier managed to increase profits despite a decrease in the average net fare by four percent to £46.
Much of the airlines success was down to organic growth and the acquisition of Go this summer. EasyJet also has the option to expand into the German no-frills market through the acquisition of Deutsche BA, which it does not need to make a decision on until August 2003.
As planned, easyJet chairman, Stelios Haji-Ioannou has stepped down, and his replacement, Sir Colin Chandler, has taken over.
Read our previous stories:
19-Nov-2002 easyJet holds onto hotels partner
07-Oct-2002 Easyjet’s agency website will be non-commission
13-Sept-2002 http://www.travelmole.com/item/90522
[Stelios will make early exit]
19-August-2002 Easyjet rationalises Belfast to Scotland services
2-August-2002 Going, going, gone: easyjet completes Go takeover
16-May-2002: Ryanair welcomes easyJet acquisition of Go
8-May-2002: EasyJet takes option to buy BA’s German airline
7-May-2002: No-frills consolidation is ‘inevitable’ says analyst
06-May-2002: easyJet to buy no-frills rival Go for £400m
18-Apr-2002: EasyJet chairman to resign
19-Feb-2002 Report says BA was wrong to sell Go
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