easyJet PLC easyJet Trading Update and Pre-Close Statement (0586P)
08 Ottobre 2019 - 08:00AM
UK Regulatory
TIDMEZJ
RNS Number : 0586P
easyJet PLC
08 October 2019
EASYJET TRADING UPDATE, 8 October 2019
Solid trading continues in the fourth quarter.
Full Year Headline profit before tax expectation of GBP420m to
GBP430m
In upper half of previous guidance range
Summary
easyJet has delivered a solid performance in the fourth quarter
with robust customer demand and the delivery of self-help
initiatives driving outperformance in both our passenger and
ancillary revenue per seat. Our cost performance remained strong
and in line with expectations despite the difficult Q4 disruption
environment. Our operational resilience initiative was a driving
force behind the strong performance.
easyJet expects to deliver Full Year 2019 headline profit before
tax of between GBP420 million and GBP430 million. This is in the
upper half of the previous guidance range.
Revenue
Passenger(1) numbers for the full year increased by 8.6% to 96
million, driven by an increase in capacity(2) of 10.3% to 105
million seats. Load factor for the full year will decrease by 1.4
percentage points to 91.5%.
Total revenue per seat at constant currency for the full year
will decrease by circa 2.7%. Total revenue per seat at constant
currency for the second half will increase by circa 0.8%, an
outperformance compared to our previous guidance of 'slightly
down'. The drivers of this outperformance are the yield
optimisation self-help initiatives delivered in the fourth quarter
and increased demand due to strikes at British Airways and
Ryanair.
Cost
Total headline cost for the full year will increase by circa
12.0% due to increased capacity, higher unit fuel costs and adverse
foreign exchange movements. This increase was partially offset by
improvements in cost per seat ex fuel.
Headline cost per seat excluding fuel at constant currency will
decrease by circa 0.8% for the year, in line with previous
guidance. Despite a difficult disruption environment experienced in
the fourth quarter, which included the impact of storms across
Europe and the technical issues experienced at Gatwick airport, the
operational resilience initiative was a key driving force behind
the strong performance.
Fuel and FX
easyJet's total fuel cost for Full Year 2019 is expected to be
around GBP1,420 million, which includes an adverse impact of
foreign exchange and increased Emissions Trading System (ETS)
costs.
Total headline foreign exchange will have a year-on-year adverse
impact of around GBP14 million.
Forward looking
Quarter one 2020 forward bookings(3) are currently in line with
the same time last year and our expected capacity growth for full
year 2020 will be at the lower end of our historic range. easyJet's
scheduled year-on-year capacity growth in Q1 is currently around
2%.
easyJet plans to provide further details on its FY20 priorities
as part of the Full Year 2019 results announcement on Tuesday
19(th) November 2019.
Commenting; Johan Lundgren, easyJet Chief Executive said:
"easyJet has continued to perform in line with expectations,
despite challenging market conditions.
"As a result of our self-help initiatives and the increased
demand due to disruption at British Airways and Ryanair, we
anticipate achieving headline profit before tax for the full year
2019 of between GBP420 million and GBP430 million, in the upper
half of our previous guidance range.
"Our implementation of initiatives in the fourth quarter to
optimise yield has led to solid revenue performance with total
revenue per seat at constant currency set to increase for the full
year. We have continued to invest in operational resilience, with
the programme successfully reducing the impact of disruption on our
operations. As a result, we expect to report a fall in headline
cost per seat for the year, excluding fuel at constant
currency.
"I would like to thank all our people for their continued
tireless work in delivering the warmest welcome in the sky to all
our customers."
For further details please contact easyJet plc:
Institutional investors and analysts:
Michael Barker +44 (0) 7985 890 939
Holly Grainger +44 (0) 7583 101 913
Media:
Anna Knowles +44 (0) 7985 873 313
Dorothy Burwell/Ed Simpkins +44 (0) 7733 294 930/ (0) 7947 740
551
A copy of this Trading Statement is available at
http://corporate.easyjet.com/investors.
Notes:
1. Passengers represents the number of earned seats flown.
Earned seats include seats that are flown whether or not the
passenger turns up as easyJet is a no-refund airline, and once a
flight has departed a no-show customer is generally not entitled to
change flights or seek a refund. Earned seats also include seats
provided for promotional purposes and to staff for business
travel.
2. Capacity based on actual number of seats flown
3. Percentage of total seats sold
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END
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