EasyJet FY pretax profit down, total revenue up
Profit for the period was 305 million pounds or 76.8 pence per share compared to 437 million pounds or 110.1 pence per share.
Headline profit before tax declined 17.3% year-over-year to 408 million pounds from 494 million pounds, prior year. Diluted headline earnings per share was 81.9 pence compared to 107.6 pence.
The group noted that its 2017 result included a 101 million pounds unfavourable movement from foreign exchange. At constant currency, EasyJet delivered a headline profit before tax of 509 million pounds during the year.
Fiscal year total revenue increased to 5.05 billion pounds from 4.67 billion pounds, last year.
Total revenue was up 8.1%, with revenue per seat down 0.4%, reflecting a currency benefit, strong ancillary revenue and increased load factors, alleviating ticket pricing pressures. Revenue per seat was down 4.5% at constant currency.
In the 2017 financial year, EasyJet flew 80.2 million passengers, up 9.7% year on year. Capacity grew by 8.5% to over 86.7 million seats. Load factor was at 92.6% compared to 91.6%, a year ago.
The Board recommended an ordinary dividend of 40.9 pence per share which is subject to shareholder approval at the Annual General Meeting on 8 February 2018. This will be paid on March 23, 2018 to shareholders on the register at close of business on 2 March 2018. ■