Business
Trading update for three months ended 30 June 2022
Trading update for three months ended 30 June 2022.
About this update from Easyjet Plc
[{"type":"text","content":"\n \n \n \n 26 July 2022\n \n \n \n \n \n \n \n \n \n easyJet plc\n \n \n \n \n Trading statement for the three months ended 30 June 2022\n \n \n \n \n \n \n \n \n \n easyJet's key areas of transformation continue to deliver, with Q3 financial performance improved despite costs from industry wide operational issues\n \n \n \n ·\n \n Q3 group headline loss before tax of £114m, included:\n \n \n \n o \n £133m cost impact from disruption\n \n \n o \n £36m loss from FX balance sheet revaluations\n \n \n ·\n \n Q3 headline EBITDAR profit of £103m (Q3 FY19: £313m)\n \n \n \n ·\n \n easyJet's transformation continues to deliver\n \n \n \n o \n Network optimisation driving positive demand with Q4 load factors booked slightly ahead of FY19\n \n \n o \n Step-changed ancillaries continuing to deliver with Q3 ancillary yield 55% above FY19\n \n \n o \n easyJet holidays generated £16m profit in the quarter\n \n \n ·\n \n easyJet is currently c.83% hedged for fuel in Q4 at c.US$705 per metric tonne\n \n \n \n \n \n \n \n \n \n Summary\n \n \n \n In Q3 easyJet flew 22m passengers1, more than seven times higher than the same period last year, representing 87% of FY19 capacity. Load factors continued to build over the quarter, reaching highs of 92% in June. The unprecedented ramp up across the aviation industry, coupled with a tight labour market, has resulted in widespread operational challenges culminating in higher levels of cancellations than normal. Despite this, easyJet operated 95% of its planned schedule in Q3. \n \n \n A\n ction taken to remove capacity and build resilience into Q4, due to caps imposed by London Gatwick and Amsterdam Schiphol alongside wider challenges within Europe has resulted in July operations to date being much improved. easyJet remains focused on ensuring smooth operations this summer and will continue to fine tune our schedule if required.\n \n \n Airline ancillary yield per passenger of £22.07 continues to outperform pre pandemic levels, up 55% on the same period in 2019. easyJet holidays generated £16m of profit in the quarter as it carried 0.4 million customers, passing its previous highest profit of £10m4 in a full year. The holidays business remains on track to carry 1.1m passengers in the full year. \n \n \n Bookings have built through the quarter as dem...