In This Article:
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Profit Before Tax (PBT): GBP 610 million, a 34% increase year-on-year.
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EasyJet Holidays Profit: GBP 190 million, a 56% increase year-on-year.
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Dividend Proposal: 20% of profit after tax, totaling GBP 92 million.
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Total Capacity: Increased by 8% to 100.4 million seats.
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Passenger Numbers: Increased by 8% year-on-year.
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Revenue Per Seat: GBP 81.35, a 2% increase.
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Cost Per Seat Excluding Fuel: Broadly flat year-on-year.
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Cash Position: Increased by GBP 536 million to GBP 3.5 billion.
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Net Cash Position: GBP 181 million, compared to GBP 41 million last year.
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Fleet Size: Increased to 347 aircraft from 336.
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Return on Equity (ROE): 16%, a 3% point improvement.
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Headline Earnings Per Share: 61.3p, a 35% increase.
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Aircraft Deliveries: 16 new A320neo aircraft received in the year.
Release Date: November 27, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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easyJet PLC (EJTTF) reported a profit before tax of GBP610 million, marking a 34% increase year-on-year.
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The company achieved a 2% increase in pricing across the year, with airline revenue per seat at GBP81.35.
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easyJet Holidays delivered a strong performance with a profit of GBP190 million, a 56% increase year-on-year.
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The company proposed a dividend increase to 20% of profit after tax, reflecting confidence in future growth.
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easyJet PLC (EJTTF) maintained a strong cash position, increasing by GBP536 million to reach GBP3.5 billion.
Negative Points
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The airline faces challenges with aircraft delivery delays from Airbus, impacting fleet expansion plans.
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Increased airport and ground handling charges due to inflationary pressures and labor costs.
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The geopolitical situation in the Middle East has affected operations, with flights to Tel Aviv and Jordan currently suspended.
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The company anticipates a challenging Q2 due to the timing of Easter, which could impact overall H1 results.
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There are concerns about potential higher UK and French taxes, which could affect consumer demand and pricing strategies.
Q & A Highlights
Q: Can you quantify the significant improvement in Q1 profit before tax (PBT) and explain the rationale for moving from revenue per seat (RPS) and cost per seat (CPS) to revenue per available seat kilometer (RASK) and cost per available seat kilometer (CASK)? A: We expect to at least halve last year's Q1 loss of 126 million, which is a significant improvement. The shift to RASK and CASK is due to our longer sector lengths, which increase by 5% next year. This change better reflects the cost and revenue dynamics of longer flights. We will continue to provide both metrics for clarity.