Photo Credit EasyJet
EasyJet Plc (ESYJY.PK, EZJ.L) posted third quarter headline profit before tax 286 million pounds, an improvement of 50 million pounds from a year ago, in line with expectations. Group revenue was 2.92 billion pounds, up 10.9% from previous year. Passenger revenue was 1.76 billion pounds, up 9.7%. Airline passenger numbers increased by 2%, with load factor improving 0.2 percentage points. RASK was up 0.5% year-on-year. Headline total CASK rose 0.5%.
The Group said its outlook for fiscal 2025 remains positive, with good profit growth expected year on year, albeit impacted by recent higher fuel costs and the scale of industrial action by French air traffic control. The Group noted that, with 67% of airline’s fourth-quarter capacity sold, the final outcome for fiscal 2025 will, as always, depend on late summer bookings and the associated yields.
Kenton Jarvis, CEO of easyJet, said: “easyJet holidays remains on track to deliver more than 235 million pounds of profits for the full year and we see a positive outlook for the Group for fiscal 2025 and beyond, as we continue to focus on progressing towards our medium-term targets.”
- Q3 headline profit before tax £286 million, an improvement of £50 million YoY, in line with expectations
- ASK Capacity +7.9% YoY, with a sector length increase of 8% and seat growth of 2.0% YoY
- RASK increased +0.5% YoY, with April benefitting from the timing of Easter
- Total headline CASK reduced by 5% YoY, driven by headline CASK ex fuel increasing 2.3% and fuel CASK reducing by 7.3% YoY
- easyJet holidays delivered £86 million profit before tax, +£13 million YoY
- Positive outlook for FY25
- Expect FY25 ASK growth of 9% YoY, with less pronounced growth in H2 (+7%) vs H1 (+12%)
- Q4 Forward bookings; Q4 67% sold, +1 ppt YoY, following last year’s record summer
- Expect Q4 RASK to continue the trend seen in Q3 when adjusting for the impact of Easter timing YoY with customer preference for later bookings continuing
- Expect FY25 total headline CASK to reduce by low single digits YoY and FY25 headline CASK ex fuel to be broadly flat YoY
- easyJet holidays expects to deliver FY25 PBT of >£235 million