EasyJet reports improved first half results

easyJet’s first half 2018 passenger numbers increased by 3.0 million to 36.8 million, including 0.7 million from easyJet’s new Berlin Tegel operations launched in January. Capacity increased by 7.8% as easyJet grew its existing network by 4.6% and added an additional 1.2 million seats at Tegel. Load factor grew by 0.9 points to 91.1% (91.9% excluding Tegel).

Total revenue increased by 19.5% to £2,183 million (H1 2017: £1,827 million). Total revenue per seat increased by 10.9% to £54.10 (H1 2017: £48.80), with an increase of 8.3% at constant currency. Ex-Tegel flying revenue per seat increased by 12% to £54.64 and by 9.5% at constant currency, at the upper end of previous guidance easyJet’s business model and strategy are underpinned by sector leading balance sheet strength, with a net cash position at March 31, 2018 of £665m (31 March 2017: £353m).

Headline Profit before tax excluding Tegel was £8 million, a £220 million improvement on H1 2017 (H1 2017 loss £212m). Total headline loss before tax was £18 million, an improvement of £194 million. Total loss before tax of £68 million for the six months ended 31 March 2018 (H1 2017 loss £236m) principally reflecting non-headline costs associated with the one-off integration of Tegel operations and the sale and leaseback of ten A319 aircraft.

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