Menu
18/11/2008
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year.
The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
Andy Harrison, EasyJet chief executive, said there was evidence of a "flight to value" for both business and leisure passengers.
Easyjet founder Stelios Haji-Ioannou, who raised his stake in the firm to 26.9% last week called for a cautious outlook. In a letter to the board published at the end of EasyJet's annual results, Haji-Ioannou criticised the airline's ambitious expansion plans: "I would like to place on record that I believe that with careful cash management and in particular more prudent capital expenditure, EasyJet and its shareholders will be the winners in European short-haul aviation.
"We must focus on cash flows forecasts and not on carrying more passengers," he said.
Mr Harrison said: "EasyJet delivered a good trading performance in the financial year ending September 2008... We recognise that economic conditions will be very difficult and EasyJet is planning accordingly."
Winter bookings for the first quarter of 2009 are slightly ahead of last year: "Partly a reflection of the reduction in competitive capacity on our routes and partly our own decision to restrict our growth in seats flown," said Mr Harrison
(GK/JM)
The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
Andy Harrison, EasyJet chief executive, said there was evidence of a "flight to value" for both business and leisure passengers.
Easyjet founder Stelios Haji-Ioannou, who raised his stake in the firm to 26.9% last week called for a cautious outlook. In a letter to the board published at the end of EasyJet's annual results, Haji-Ioannou criticised the airline's ambitious expansion plans: "I would like to place on record that I believe that with careful cash management and in particular more prudent capital expenditure, EasyJet and its shareholders will be the winners in European short-haul aviation.
"We must focus on cash flows forecasts and not on carrying more passengers," he said.
Mr Harrison said: "EasyJet delivered a good trading performance in the financial year ending September 2008... We recognise that economic conditions will be very difficult and EasyJet is planning accordingly."
Winter bookings for the first quarter of 2009 are slightly ahead of last year: "Partly a reflection of the reduction in competitive capacity on our routes and partly our own decision to restrict our growth in seats flown," said Mr Harrison
(GK/JM)
Related UK National News Stories
Click here for the latest headlines.
28 July 2006
RBS to provide 'free' ATMs for poor
Royal Bank of Scotland is to provide an initial 300 free-to-use cash machines in some of the Britain's poorest areas. The bank is currently seeking the advice and support from MPs, credit unions and community leaders, to ensure that the most appropriate locations in the UK benefit.
RBS to provide 'free' ATMs for poor
Royal Bank of Scotland is to provide an initial 300 free-to-use cash machines in some of the Britain's poorest areas. The bank is currently seeking the advice and support from MPs, credit unions and community leaders, to ensure that the most appropriate locations in the UK benefit.
28 August 2014
Plane Makes Emergency Landing At Gatwick
A plane carrying 157 passengers was forced to make an emergency landing at Gatwick Airport after reporting that smoke was in the cockpit. The Easyjet Airbus A320 had left Liverpool at about 06:40 for Naples, touching down at London Gatwick at about 07:20.
Plane Makes Emergency Landing At Gatwick
A plane carrying 157 passengers was forced to make an emergency landing at Gatwick Airport after reporting that smoke was in the cockpit. The Easyjet Airbus A320 had left Liverpool at about 06:40 for Naples, touching down at London Gatwick at about 07:20.
27 March 2012
Allocated Seating To Be Tested By EasyJet
A common sight of the budget airline, the scramble for a seat, could becoming a thing of the past as easyJet have announced they are set to test allocated seating for passengers.
Allocated Seating To Be Tested By EasyJet
A common sight of the budget airline, the scramble for a seat, could becoming a thing of the past as easyJet have announced they are set to test allocated seating for passengers.
07 April 2008
UK Flight Makes Emergency Landing
An easyJet flight between Athens and Luton was forced to make an emergency landing after reportedly developing a "technical problem" mid-flight. It is understood that Flight EZY 2002 was forced to return to the Greek airport and request an emergency landing around 40 minutes after take-off on Sunday night.
UK Flight Makes Emergency Landing
An easyJet flight between Athens and Luton was forced to make an emergency landing after reportedly developing a "technical problem" mid-flight. It is understood that Flight EZY 2002 was forced to return to the Greek airport and request an emergency landing around 40 minutes after take-off on Sunday night.
14 November 2006
Easyjet profits rise by 56%
On the back of a 56% rise in profits and a record pre-tax profit of £129m, Easyjet has announced an expansion of its fleet. The low-cost airline said that passenger numbers were up by 11.5% to 33 million.
Easyjet profits rise by 56%
On the back of a 56% rise in profits and a record pre-tax profit of £129m, Easyjet has announced an expansion of its fleet. The low-cost airline said that passenger numbers were up by 11.5% to 33 million.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
