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EasyJet Q3 Revenue Rises; Peter Bellew Named COO - Quick Facts

Low-cost airline easyJet Plc (ESYJY.PK,EZJ.L) reported Thursday that its third-quarter total revenue increased 11.4 percent from the year-ago period to 1.76 billion pounds.

Passenger revenue for the quarter increased by 10.7 percent to 1.39 billion pounds and ancillary revenue increased by 14.3 percent to 374 million pounds.

Passenger numbers in the third quarter increased 8 percent to 26.4 million, driven by an increase in capacity of 10 percent to 28.8 million seats.

Load factor decreased, as anticipated, by 1.7 percentage points to 91.7 percent, due to late yield initiatives as well as high prior-year comparatives due to industrial action in France and Monarch's bankruptcy.

Total revenue per seat increased 0.7 percent at constant currency, including a strong late yield performance which benefited from easyJet's revenue initiatives as well as positive ancillary revenue growth and a solid Easter performance.

Looking ahead to fiscal 2019, easyJet forecast its headline profit before tax to be between 400 million pounds and 440 million pounds, in line with market expectations. The company also affirmed its outlook for full-year capacity to grow by about 10 percent.

Further, easyJet maintained its outlook for second-half revenue per seat at constant currency to be slightly down, and capacity to grow by about 7 percent.

easyJet also said that Peter Bellew will join the company as Chief Operating Officer. He will be a member of the Airline Management Board and will report to easyJet's CEO, Johan Lundgren.

Bellew joins the airline from Ryanair where he has been Chief Operations Officer since December 2017, responsible for all aspects of Ryanair's flight operations.

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