Business
Trading Update for the quarter ended 30 June 2023
Trading Update for the quarter ended 30 June 2023.
About this update from Easyjet Plc
[{"type":"text","content":"\n\n20 July 2023\neasyJet plc\n('easyJet')\n \neasyJet Trading Update for the quarter ended 30 June 2023\n \neasyJet performs strongly delivering a record Q3 PBT\n· Q3 headline profit before tax £203 million (£317 million improvement vs Q3'22)\no Passenger growth +7% YoY\no RPS +23% YoY\n§ Load factor +2 ppts YoY\n§ Ticket yield per passenger +22% YoY\n§ Ancillary yield per passenger +20% YoY (+87% vs Q3 FY19)\no easyJet holidays delivers £49 million PBT (Q3'22 £16 million)\no Headline CPS ex Fuel reduced by 2% YoY\no Fully crewed for pilots and cabin staff\n· easyJet holidays continues to outperform and is expected to deliver £100m+ PBT in FY23\n· Q4 FY23 RPS is expected to be around +10% YoY\n· H2 Headline CPS ex fuel to be broadly flat YoY\n· $950 million of debt repaid during Q3 - c.£1.2bn debt retired during this financial year\n· Q1 FY24\no Capacity >15% YoY\no Yields and load factor ahead YoY\no Headline cost ex fuel expected to continue to reduce YoY\n \nSummary\neasyJet's third quarter profit improved by £317 million, year on year, as demand for its network and services continues to be strong. A revenue per seat increase of 23% year on year alongside headline cost per seat ex fuel reducing by 2% and easyJet holidays PBT of £49 million is driving the Group towards a strong outcome for FY23.\n \nBased on current booking trends, easyJet expects Q4 to deliver another record PBT performance with RPS up by around 10% year on year and cost per seat excluding fuel for H2'23 expected to remain broadly flat year on year. This guidance is subject to the operational environment with the whole industry seeing challenging conditions this summer. More constrained air space and flow rate restrictions are resulting in unprecedented ATC disruption as well as increased ATC strike days up 40% year to date vs 2019. Management have taken action to mitigate the impact of this on our customers.\n \nMoving into this winter, easyJet is seeing good booking momentum, with sold ticket yields and load factors ahead year on year, and planned capacity up over 15% for the December quarter. Headline cost ex fuel is expected to reduce year on year and easyJet holidays conti...