easyJet Delivers Record Performance Over the Summer; To Reinstate Dividends -- Update
12 Ottobre 2023 - 10:14AM
Dow Jones News
By Anthony O. Goriainoff
easyJet delivered a record financial performance over the
summer, allowing for the resumption of dividends and said it
expects to report a rise in headline pretax profit for the fourth
quarter of fiscal 2023 as demand has remained strong.
The low-cost carrier also said Thursday that booking momentum
continuing into fiscal 2024 allows it to set new medium-term
targets, which include achieving a pretax profit per seat of around
7 pounds to 10 pounds ($8.62 to $12.31).
This will be driven by reducing winter losses, increasing its
capacity and updating its fleet, as well as growing easyJet
holidays, it said.
The airline added that on-year ticket yields are ahead with load
factors--a measure of how full a plane is--broadly inline, and that
the fourth-quarter load factor was flat at 92% for the period.
For the first quarter of fiscal 2024, easyJet said it expects
capacity to be 15% ahead on year.
The company said it has agreed to purchase an additional 157
Airbus airplanes and has a further 100 purchase rights. This is
expected to result in a commitment of around $19.9 billion, to be
spread over a number of years, and the aggregate actual price for
aircraft would be substantially lower due to price concessions
granted by Airbus. It added the purchases are conditional on
shareholder approval.
"In addition to the delivery of our strategy, these targets are
integral to achieving easyJet's ambition to deliver more than GBP1
billion pretax profit," it said.
The airline said headline pretax profit--a key measure for the
airline, which strips out exceptional and other one-off items--for
the quarter ended Sept. 30 is expected to be between GBP650 million
and GBP670 million.
Headline pretax profit for the fiscal year is expected to be in
the GBP440 million to GBP460 million range. Consensus for headline
pretax profit is GBP463.3 million, taken from FactSet and based on
10 analysts' forecasts. The company reported a headline pretax loss
of GBP178 million for fiscal 2022.
Revenue for the fourth quarter is expected to be around GBP3.12
billion compared with GBP2.52 billion.
The board said it expects to pay a dividend which will be 10% of
fiscal 2023's headline profit after tax, and that this is expected
to rise to 20% in fiscal 2024.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 12, 2023 03:59 ET (07:59 GMT)
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