By Maximilian Clarke
EasyJet Airline Company Ltd (LSE: EZJ) has delivered a 60% surge in profit off a 16% increase to total revenue.
Operational savings and ‘effective yield management’ helped see pre tax profits near £250m. further, the airline’s passengers grew 11.8% whilst adding 4.1% revenue to each seat. Stock markets failed to react to the profit surge, as easyJet shares dropped 14.1 points this morning (Tuesday)
“easyJet has made great progress this year,” commented Carolyn McCall easyJet Chief Executive. “Our strong operational and financial performance is a result of the hard work and commitment of easyJet’s people in delivering on our cause to make travel easy and affordable for our customers. This delivery leads to tangible returns for our shareholders and we have announced a total cash return to shareholders for the year of approximately £195 million or 45.4 pence per share.”
“Despite the headwinds of higher fuel costs and a weak and uncertain economic outlook, our focus on customers, robust operational performance, the strength of easyJet’s network combined with cost control and capital discipline means that easyJet is well placed to succeed.”
easyJet are currently preparing to trial an allocated seating system in which passengers can pay extra for legroom or window seats. Having pioneered the ‘free for all’ seating system that became the basic model for all budget airlines, the airline is looking to boost revenue still further.
"This is another example of easyJet trying to do all it can to make travel easy and affordable for our passengers. We look forward to seeing how our passengers respond and how the trial works,” said McCall.
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