easyJet this week announced strong results for the third quarter of 2023, despite the ongoing issues that are being experienced externally.
easyJet’s Results…
The company reported a headline profit before tax of £203 million, an improvement of £317 million compared to the same period last year.
The strong results were driven by a number of factors, including:
- Strong passenger demand: easyJet carried 26.2 million passengers in the third quarter, an increase of 7% year-on-year.
- Increased revenue per seat: Revenue per seat increased by 23% year-on-year, driven by higher ticket yields and ancillary revenue.
- Reduced cost per seat: Cost per seat excluding fuel decreased by 2% year-on-year due to a number of factors, including lower fuel costs and improved productivity.
easyJet also announced that it expects to deliver another record PBT performance in the fourth quarter of 2023.
The company is forecasting revenue per seat growth of around 10% year-on-year and cost per seat excluding fuel to remain broadly flat year-on-year.
Looking ahead, easyJet is confident in its ability to deliver a strong outcome for the full year 2023.
The company is seeing good booking momentum for the winter season, with sold ticket yields and load factors ahead year-on-year. easyJet also expects to deliver £100 million+ of profit from its easyJet holidays business in 2023.
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In addition, easyJet is currently running a process to secure additional firm order positions for its longer-term fleet plan.
This would allow easyJet to replace older aircraft with additional options to deliver future growth.
CEO: Confident About Hitting Targets…
Commenting on the results, Johan Lundgren, CEO of easyJet, said:
“We are pleased to report another strong quarter of results, with headline profit before tax up £317 million year-on-year. This was driven by strong passenger demand, increased revenue per seat, and reduced cost per seat.
“We are confident in our ability to deliver another record PBT performance in the fourth quarter and a strong outcome for the full year 2023.”
“We are seeing good booking momentum for the winter season and expect to deliver £100 million+ of profit from our easyJet holidays business.”
“We are also running a process to secure additional firm order positions for our longer-term fleet plan. This would allow us to replace older aircraft with additional options to deliver future growth.”
It remains clear that despite the issues that the airline has had with cancellations and external pressures, things continue to be on the up for them.
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