Summer 2022 Trading Update (1378685)
20 Giugno 2022 - 8:00AM
UK Regulatory
easyJet plc (EZJ) Summer 2022 Trading Update 20-Jun-2022 / 07:00
GMT/BST Dissemination of a Regulatory Announcement that contains
inside information according to REGULATION (EU) No 596/2014 (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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20 June 2022
This announcement contains inside information
easyJet plc
Summer 2022 trading update
In the quarter ending 30 June easyJet plans to operate around
140,000 flights, carrying around 22m passengers, with capacity
planned to be 550% of the same period in 2021. Demand for travel
has returned with April and May passengers seven times the same
months last year.
Given the unprecedented ramp up, the aviation industry across
Europe is experiencing operational issues with root causes similar
to the post covid supply chain issues being seen in many other
parts of the economy. The challenges include air traffic control
delays and staff shortages in ground handling and at airports,
resulting in increased aircraft turnaround times and delayed
departures which have a knock-on effect resulting in flight
cancellations. A very tight labour market for the whole ecosystem
including crew, compounded by increased ID check times, has reduced
planned resilience further. This is reflected in the flight caps
announced recently at two of our biggest airports, London Gatwick
and Amsterdam.
In response to these caps and in order to build additional
resilience, easyJet is proactively consolidating a number of
flights across affected airports. This provides customers with
advance notice and the potential to rebook onto alternative
flights. Given easyJet's high frequency network, we expect to be
able to rebook the majority of customers on alternative flights,
with many being on the same day as originally booked for.
As a result of these pre-emptive actions, easyJet now expects
its third quarter capacity, to 30 June 2022, to be around 87% of
FY19 levels, and Q4, to 30 September 2022, to be around 90% of FY19
levels. There will be a cost impact from disruption, coupled with
the enhanced resilience easyJet is putting in place this summer,
from additional wet leased aircraft, crew costs and airport
charges. We will therefore exceed the previously provided operating
CASK ex fuel guidance. We believe that these capacity/cost impacts
are a one-off this summer as we would expect all parties to build
greater resilience in time for 2023 peak periods.
Booking momentum has continued with demand for travel this
summer remaining strong, with Q3 currently 86% sold with ticket
yields up c.2% and Q4 48% sold and ticket yields up c.14%. This Q4
booking position is broadly in line with where we were at the same
point in FY19. We will continue to fine tune our schedule in the
light of industry conditions as we move through the summer season
in order to deliver for our customers.
The medium-term outlook for easyJet remains attractive and in
the last couple of days, we have been notified that we have won an
additional three aircraft worth of slots at Lisbon Airport. These
slots will become available from this winter.
Johan Lundgren, easyJet Chief Executive said:
"Delivering a safe and reliable operation for our customers in
this challenging environment is easyJet's highest priority and we
are sorry that for some customers we have not been able to deliver
the service they have come to expect from us.
"While in recent weeks the action we have taken to build in
further resilience has seen us continue to operate up to 1700
flights and carry up to a quarter of a million customers a day, the
ongoing challenging operating environment has unfortunately
continued to have an impact which has resulted in
cancellations.
"Coupled with airport caps, we are taking pre-emptive actions to
increase resilience over the balance of summer, including a range
of further flight consolidations in the affected airports, giving
advance notice to customers and we expect the vast majority to be
rebooked on alternative flights within 24 hours.
"We believe this is the right action for us to take so we can
deliver for all of our customers over the peak summer period in
this challenging environment."
For further details please contact easyJet plc:
Institutional investors and analysts:
Michael Barker Investor Relations +44 (0)7985 890 939
Adrian Talbot Investor Relations +44 (0)7971 592 373
Media:
Anna Knowles Corporate Communications +44 (0)7985 873 313
Edward Simpkins FGS Global +44 (0)7947 740 551 / (0)207 251 3801
Dorothy Burwell FGS Global +44 (0)7733 294 930 / (0)207 251 3801
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ISIN: GB00B7KR2P84
Category Code: MSCU
TIDM: EZJ
LEI Code: 2138001S47XKWIB7TH90
OAM Categories: 2.2. Inside information
Sequence No.: 169227
EQS News ID: 1378685
End of Announcement EQS News Service
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June 20, 2022 02:00 ET (06:00 GMT)
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