easyJet reports 23% revenue growth for FY11 third quarter

easyJet has announced results for the quarter ended 30 June 2011 (the third of the airline’s financial year), with total revenue increasing by 23.2% to £935 million.

The number of seats flown rose by 17.1% to 16.7 million, with the average load factor improving by 0.2 percentage points to 86.3%. There was a 17.3% growth in passengers, though this equated to 8.8% growth when excluding the impact of the 2010 airspace closure caused by volcanic ash.

Total airline’s revenue per seat grew by 5.2% to £56.02, up 4.6% on a constant currency basis. Ancillary revenues grew strongly, up 17.0% per seat to £11.65 as a result of management actions taken in the second quarter of FY11. easyJet had £112 million of net cash as at 30 June 2011.

Commenting on the results, Carolyn McCall, easyJet chief executive remarked, “The strong operational and commercial performance in the quarter reflects the continued successful implementation of the strategy we outlined last November.

“August is the important trading month for easyJet but with over 75% of summer seats now sold we expect at current fuel and exchange rates to deliver a pre-tax profit for the year ended 30 September 2011 of between £200 million and £230 million assuming normal conditions and a ROCE (return on capital employed) for the year of between 10% and 12%.

“Against the backdrop of high fuel prices and an uncertain economic environment, the strength of easyJet’s trading demonstrates it is well placed to succeed,” declared McCall.

The airline added that the strong commercial performance in the quarter also reflects the strength of easyJet’s balanced and resilient network.

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