logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla said it will produce ventilators at its Gigafactory in Buffalo, New York to support the city's hospitals amid the coronavirus pandemic. New York is the worst affected state in the U.S. Last Saturday, Musk tweeted that he "had a long engineering discussion with Medtronic about state-of-the-art ventilators. Luxury fashion house Ralph Lauren will donate $10 million to help fight the coronavirus pandemic and manufacture face masks as well as medical gowns in the U.S. The company's charity arm, the Ralph Lauren Corporate Foundation, said in a statement that it is committing $10 million towards the global response to the COVID-19 pandemic. General Motors Co. is delaying work on new vehicle models and is cutting pay for its executives as part of efforts to conserve cash amid the coronavirus or Covid-19 pandemic. The automotive giant also extended the shutdown of North American plants indefinitely. Multiple reports cited an internal memo that salaried workforce will have 20 percent of pay deferred starting April 1.
Follow RTT
>