easyJet trading update and pre-close statement for the year
Revenue per seat at constant currency for the six months to 30 September 2014 is expected to grow by around 2%.
Cost per seat excluding fuel at constant currency for the six months to 30 September is expected to increase by c.0.7%.bThis strong performance was driven by the continued delivery of easyJet lean initiatives offset by increases in regulated airport charges, navigation and the costs associated with the increased load factor in the period.
It is expected that easyJet’s unit fuel cost in the six months to 30 September 2014 will be approximately 2 million favourable compared to the six months to 30 September 2013; and that the impact of exchange rate movements (including those related to fuel) will be around 15 million favourable compared to the six months to 30 September 2013.
The impact of the Air France pilots’ strike in September is expected to increase easyJet’s revenue by c.5 million pounds as Air France passengers switched to easyJet. This combined with the strong finish to the year means that the Board’s expectation is for a pre-tax profit for the twelve months ended 30 September 2014 of between 575 million pounds and 580 million compared with the previous guidance of 545 million to 570 million pounds.
In line with its revised dividend policy, easyJet expects to declare a dividend in respect of the year ended 30 September 2014 based on a pay-out ratio of 40% of profit after tax. ■