British low-cost carrier easyJet today reported its financial and operating results for the fiscal year ended 30 September. For the third year in a row, the airline reported losses largely due to staff shortages and strikes that affected operations at several European airports last summer.
Johan Lundgren, easyJet’s CEO, said the company «achieved a record bounce back» during the summer season and said the results «underline that the transformation is delivering».
Looking ahead, Lundgren said: «Over the next year, we are targeting customer growth and are well placed to drive returns and margins while maintaining a rigorous focus on cost». «With one of the strongest balance sheets in European aviation, we are ready to take opportunities as they present themselves», he added.
The company highlighted the good performance of the summer season and the reduction in losses, despite the operational difficulties that, like the rest of the industry, it has faced in recent months.
Key financial and operating results for easyJet in the fiscal year ended 30 September 2022
- Losses of 169 million pounds (203 million dollars). The figure represents a reduction of around 80% from the 858 million loss reported at 30 September 2021.
- During the fourth quarter of the fiscal year, the company posted earnings before interest, taxes, depreciation, amortisation, and restructuring costs (EBITDAR) of 674 million pounds, a record for a quarterly period. In the same period of 2021, the company had reported a profit of 82 million pounds.
- Net debt of 700 million pounds and 3.6 billion in cash and money market deposits.
- Revenues reached 5.769 billion pounds, up 296% on the previous year.
- Increased ancillary revenue (baggage turnover, seat bookings and in-flight sales) by 59% compared to 2019.
- During the fiscal year that ended last September, easyJet carried 69.7 million passengers.
- The company offered a total of 81.5 million seats across all its flights.
- The average occupancy rate was 85.5%, thirteen percentage points higher than the previous year.
- As of 30 September, the airline had a total of 320 aircraft in operation, excluding three Airbus A319 held on a zero-lease basis, twelve more than were available a year earlier.
See also: easyJet to operate flights between Manchester and Murcia
