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easyJet’s £40m half-year losses ‘better than expected’
Soaring fuel costs in the half year to March 31 saw easyJet’s pre-tax loss come in at £40 million against £21.6 million.
The no-frills carrier’s fuel costs rose by 49% or £55 million in the six months – representing £3.01 per seat.
But chief executive Andy Harrison said the first half performance was “slightly ahead of our expectations” at the time of its annual meeting in February.
The airline carried 14.9 million passengers, a year-on-year rise of more than 10%, with 28 new routes started.
Harrison predicted the full year pre-tax profit to be up by 10-15% over 2004-05 helped by “continued cost management”.
The £40 million loss was “stronger than expected”. This coupled with a good Easter “provide the basis for an improved full year outlook,” Harrison said.
“We are conscious that we have a big summer ahead, that the price of oil remains a risk, and we continue to operate in a highly competitive environment. Notwithstanding these uncertainties, we now anticipate full year passenger revenue per seat to be broadly in line with 2005 and expect ancillary revenue to grow at around 20% per seat for the full year.”
Report by Phil Davies
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