EasyJet total revenue £930 million, 0.1% down
The load factor increased by 0.6 percentage points to 90.3%. Strong revenue per seat performance in October was offset by the impact of the tragic events in Egypt and Paris, resulting in lower demand and yield in November and December.
Forward bookings for the second quarter are showing a marked improvement in revenue per seat compared to November and December. For the first quarter as a whole revenue per seat was down by 3.7% at constant currency.
Total revenue was £930 million, 0.1% down on the prior year as revenue generated by increased passenger volumes and a higher load factor was offset by reduced revenue per seat and negative foreign exchange movements of £32 million.
Cost per seat decreased by 3.7%(2) at constant currency, as a result of robust management action and acceleration of the delivery of our cost improvement plans, as well as the benefit of a low fuel price. Cost per seat excluding fuel at constant currency increased by 1.3%(2), which is better than previously communicated in November 2015.
EasyJet secured credit ratings at the beginning of January from Moodys (Baa1 Stable) and Standard & Poors (BBB+ Stable) and announced a £3 billion Euro Medium Term Note Programme which reflects easyJet’s leading positioning at many of Europe’s top airports, strong cost position and strong balance sheet. This is part of easyJet’s capital review and will facilitate access to new sources of funding.
Cash and money market deposits were £743 million and net cash was £266 million as at 31 December 2015 demonstrating easyJet’s continued strong balance sheet. ■