Easyjet's Results29 Nov 2022 08:32
Q4 better than 2019 and Easyjet holidays back into profit. Sector imo seems to be bouncing back quicker than the market is presently giving it credit for.
The highlights from the Easyjet RNS.
"29 November 2022
easyJet plc
Results for the twelve months ending 30 September 2022
easyJet achieves record bounce back delivering best ever headline EBITDAR for Q422 through the airline's focused network allocation, much improved revenue capability and financial strength - all of this provides the platform to deliver strong shareholder returns
- Achieved record headline EBITDAR in Q4 of £674 million (Q4 2021: £82 million profit)
- FY22 headline loss before tax of £178 million (Reported loss before tax of £208 million)
- Operational performance in Q4 better than Q4 2019, with fewer on the day cancellations
- Financial strength - £0.7bn net debt with £3.6bn in cash and money market deposits
- Business transformation delivering:
o holding more slots than ever where returns are highest
o delivering on destination base strategy - 21 aircraft now based in destination
o enhanced ancillaries delivered 59% yield uplift vs FY19
o easyJet holidays delivers £38 million profit before tax
- Q123 RPS growth expected to be >20% YoY
Commenting on the results, Johan Lundgren, easyJet Chief Executive said:
"easyJet has achieved a record bounce back this summer with a performance which underlines that our transformation is delivering. The summer saw easyJet achieve its highest ever earnings for a single quarter with headline EBITDAR of £674 million, ancillaries up by 59% on FY19 and easyJet holidays well on its way to its £100m target.
"easyJet does well in tough times. Legacy carriers will struggle in this high-cost environment. Consumers will protect their holidays but look for value and across its primary airport network, easyJet will be the beneficiary as customers vote with their wallets.
"Over the next year, we are targeting customer growth and are well placed to drive returns and margins while maintaining a rigorous focus on cost. With one of the strongest balance sheets in European aviation, we are ready to take opportunities as they present themselves.
"We have a clear strategy to drive returns for our shareholders and have significant confidence in our plan today and that it will deliver going forward."
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