easyJet trading update and pre-close statement for the year to 30 September 2012
|
Outlook |
At as 25 July 2012 IMS |
Revised Outlook |
|
Capacity growth |
+7% |
+7% |
|
Revenue per seat (constant currency) |
Low to mid-single digits |
+5% to 5.5% |
|
Cost per seat ex fuel (constant currency) |
+1% to 2% |
+1.5% to 2% |
|
Full year pre-tax profit (PBT) |
£280m to £300m |
£310m to £320m |
Trading update for the twelve months ended 30 September 2012
easyJet's commercial and operational performance continues to be robust across the network. Following the end of the Olympic games, demand from London increased towards the upper end of expectations with the late market and beach routes performing particularly well. As a consequence, revenue per seat at constant currency is likely to increase between 5% and 5.5% for the 6 months to 30 September 2012 compared to the previous guidance of "low to mid-single digits".
In the 25 July IMS easyJet highlighted the operational challenges it faced from the Olympics and the steps it had taken to minimise disruption from both the games and the threat of industrial action in Europe. easyJet is pleased to confirm that there were very low levels of disruption through this critical summer period ensuring improved on-time performance and continued high levels of customer service. As a consequence, second half costs are likely to be in line with the guidance previously issued with a 1.5% to 2% increase in cost per seat excluding fuel at constant currency.
Due to the timing of the significant year on year change in the euro : sterling exchange rate there will be a material difference between constant currency and reported growth rates for both revenue and costs for the second half. Reported revenue per seat growth is likely to be between 2% to 3%, whilst reported cost per seat excluding fuel will show a 2% to 3.5% reduction in cost.
As a result of easyJet's better than expected late summer revenue performance and the benign operating environment, the Board's revised expectation for a pre-tax profit for the 12 months ending 30 September 2012 is now between £310 million and £320 million compared with the previous expectation of a pre-tax profit of £280 million to £300 million.
