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easyJet takes off with record third quarter profit

Published 20/07/2023, 07:38
© Reuters.  easyJet takes off with record third quarter profit
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Proactive Investors - EasyJet said it delivered a “record” third quarter for profit with good booking momentum heading into the winter.

The budget airline reported a profit before tax of £203mln for the three months to 30 June, a £317mln improvement on the same period last year, according to a statement.

Additionally, easyJet (LON:EZJ) said ticket yield per passenger improved by 22% year-on-year while ancillary yield per passenger grew by 20%, with a total revenue per seat (RPS) improvement of 23% to £81.80.

"Our third quarter performance has been underpinned by strong passenger demand for easyJet's network and services,” said chief executive Johan Lundgren.

Looking ahead, easyJet expects to deliver a record fourth-quarter profit before tax performance, with RPS jumping by around 10%.

However, it warned guidance is subject to the operational environment, with constrained air space and air traffic control disruption increasing the number of strike days by 40% compared to 2019.

Moving into winter, easyJet said it is seeing good booking momentum, with ticket yields and load factors ahead year on year, headline cost excluding fuel expected to fall and planned capacity up over 15% for the December quarter.

"We are absolutely focused on mitigating the impact of the challenging external environment on our customers and flying them on their well-earned holidays,” said Lundgren.

Read more on Proactive Investors UK

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