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easyJet revenue per seat grew by 7%

Staff writer |
easyJet reported its results for the year ended September 30, 2013. Total revenue per seat grew by 7% to 62.58 pounds driven by a benign capacity environment and positive management action including allocated seating, improvements to and the "europe by easyJet" campaign.

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Seats flown grew by 3.3% to 68.0 million as a result of easyJet's disciplined approach to capacity, load factors increased by 0.6 percentage points to 89.3% and passenger numbers rose by 4% to 60.8 million pounds.

Cost per seat excluding fuel increased 3.9% at constant currency for the full year (5.3% on a reported basis). Two percentage points of the cost increase was driven by increased charges at regulated airports in Spain and Italy and a further 0.8 percentage point relates to increased disruption and de-icing costs. Inflationary pressures were largely offset by the continued success of the easyJet lean programme.

easyJet ended the financial year with 1,237 million pounds of cash, an increase of 354 million pounds against the position at 30 September 2012. easyJet had adjusted net debt of 156 million pounds. The board is recommending a return to shareholders of 175 million pounds which will be in the form of a special dividend of 44.1 pence a share and is subject to shareholder approval at the Company's AGM on 13 February 2014.

This is in addition to the regular ordinary dividend of 133 million pounds or 33.5 pence a share based on its existing policy of paying out one third of annual profit after tax.

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