Business
Trading Update for the quarter ended 30 June 2024
Trading Update for the quarter ended 30 June 2024.
About this update from Easyjet Plc
[{"type":"text","content":"\n\n24 July 2024\neasyJet plc\n('easyJet')\n \neasyJet Trading Update for the quarter ended 30 June 2024\n \neasyJet delivers a 16% YoY profit improvement as we progress towards our medium term targets\n \n· Q3 headline profit before tax £236 million, +£33 million YoY\no Passenger growth +8% YoY\no RPS +1% YoY, in line with guidance\no easyJet holidays delivers £73 million PBT (Q3'23 £49 million)\no Headline CPS ex fuel increased 1% YoY, Fuel CPS reduced 1% YoY\n§ Headline CASK ex fuel flat YoY, total CASK reduced 1% YoY\n· Positive outlook for FY24\no Expect FY24 capacity of c.100m seats\no Q4'24 RPS is expected to continue the trend of Q3'24\no easyJet holidays is now expected to deliver >£180m PBT (>48% profit growth YoY)\no Continue to expect H2 headline CPS ex fuel up low single digits YoY\no H2 fuel CPS expected to be flat YoY\n \nSummary\neasyJet's third quarter profit improved by £33 million year-on-year as demand for easyJet's primary airport network continues to grow. Airline passenger numbers increased by 8% and RPS increased by 1% year-on-year, with headline CPS ex fuel increasing by 1%. However the 1% increase in average sector length meant that headline CASK ex fuel was flat year-on-year. easyJet holidays continues to perform strongly, growing PBT by 49% to £73 million with passenger growth of 33%.\nAs at 30 June 2024, our net cash position was £456 million (£146 million as at 31 March 2024). All 16 aircraft, as expected, have been taken into ownership and delivered with the final one received in July.\nBookings for Q4 continue to build, with 69% now sold, +1 ppt year-on-year with 7% more capacity on sale. This means easyJet has currently sold 1.5 million more seats for peak summer compared to the same point in time last year with total yield broadly flat year on year.\nLooking to Q1'25, on sale capacity is up c.5% with 20% of the program currently sold, +2 ppts year-on-year.\nJohan Lundgren, CEO of easyJet, said:\n\"Our strong performance in the quarter has been driven by more customers choosing easyJet for our unrivalled network of destinations and value for money. This result was achieved despite Easter falling into March this year, demonstrating the continued im...