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EasyJet total revenue decreased by 1%

Staff writer |
EasyJet reported its trading statement for the quarter ended June 30, 2015. The company reported good commercial performance with revenue per seat down 2.8% at constant currency or by 5.4% on a reported basis to £59.08 per seat, better than the guidance issued in May.

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The better than expected revenue per seat was driven by trading in the UK and beach routes across Europe in May and June and successful implementation of revenue management initiatives, offsetting in part the impact of the movement in Easter and the French Air Traffic Control (ATC) strikes in April which together decreased revenue per seat at constant currency by three percentage points.

Total revenue decreased by 1% to £1,228 million, capacity grew by 4.7% to 20.8 million seats, passengers carried increased by 6.2% to 19.1 million, and the load factor increased by 1.3 percentage points to 91.7%.

The company reported cost per seat including fuel decreased by 3.3% on a reported basis and difficult operational environment due to increased levels of disruption including French ATC strike action and the fire at Fiumicino, which together caused 1,364 of the 1,463 flights cancelled in the quarter compared to a total of 648 flights cancelled in the same period last year.

This was reflected in the cost per seat excluding fuel performance which increased by 2.8% at constant currency but decreased by 2.1% on a reported basis, with the French ATC strike and the impact of the fire at Rome Fiumicino driving 1.1 percentage points of the constant currency increase.

easyJet lean delivered a further £7 million of sustainable savings in the quarter, £28 million year to date, the majority through airport and ground handling initiatives.

Cash and money market deposits were £930 million and net cash was £421 million as at June 30, 2015 demonstrating easyJet’s continued strong balance sheet.

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