Airline easyJet plc (ESYJY.PK,EZJ.L) Thursday reported that its first-half loss before tax was 347 million pounds, narrower than last year's loss before tax of 415 million pounds.
Basic loss per share was 34.3 pence, compared to loss of 40.9 pence a year ago.
Headline loss before tax was 350 million pounds, compared to loss of 411 million pounds in the prior year. Basic headline loss per share was 34.4 pence, compared to 40.5 pence a year ago.
Total revenue increased 22 percent to 3.27 billion pounds from prior year's 2.69 billion pounds, mainly due to an increased flown capacity, pricing strength and ancillary products including easyJet holidays continuing to deliver incremental revenue.
Total airline revenue per seat increased 5 percent to 69.87 pounds.
Capacity of 42.3 million of seats were 12 percent higher than last year's 37.9 million seats. easyJet flew 36.7 million passengers in the six months, up 11 percent on the comparative period as demand continues to grow and easyJet actively seeks to generate additional winter capacity over the network.
Load factor for the period was 86.7 percent, marginally lower than last year's 87.5 percent.
Looking ahead for fiscal 2024, the company sees positive results. The company said it is on track to deliver ambitious medium term target of > 1 billion pounds of profit before tax.
easyJet said it will continue its growth into the 2025 financial year with targeted winter growth to help reduce winter losses further.
Separately, easyJet announced an orderly succession plan for its Chief Executive, Johan Lundgren, who will step down as Chief Executive and leave easyJet early in 2025 having then served seven years as CEO.
At that time Kenton Jarvis will succeed Lundgren and become the easyJet CEO.
Jarvis joined easyJet in February 2021, being a Board member and Chief Financial Officer since then. He will continue in the role of CFO during the transition period. A search for his successor will commence shortly.
Sir Stephen Hester, Chair of easyJet, "We are focused on executing the medium term plan and related financial targets set out earlier this year and see Kenton as the ideal person to lead our executive team to that end. He has impressed since joining easyJet in 2021, is fully bought in to the plan and will hit the ground running."
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