easyJet flies high with 'strong' Q3 results for 2019

easyJet has delivered a strong performance for Q3 of 2019.

Revenue per seat has been positive, including a strong late yield performance which benefitted from easyJet’s revenue initiatives as well as ancillary revenue growth and a good Easter performance.

The total revenue for the quarter ending June 30 2019 increased by 11.4 per cent to £1.761m. This is while passenger revenue increased by 10.7 per cent to £1.387m and ancillary revenue increased by 14.3 per cent to £374m.

Passenger1 numbers in the quarter increased by eight per cent to 26.4 million, driven by an increase in capacity2 of 10 per cent to 28.8 million seats.

Load factor3 decreased, as anticipated, by 1.7 percentage points to 91.7 per cent, due to late yield initiatives as well as high prior year comparatives due to industrial action in France and Monarch’s bankruptcy.

Commenting on the results, Johan Lundgren, easyJet’s chief executive said: “easyJet’s third quarter performance was robust and despite the tougher macroeconomic conditions was in line with expectations.

“Revenue increased by over 11 per cent with RPS increasing through a combination of successful revenue initiatives, a solid Easter performance and a focus on late yield initiatives, with passenger numbers climbing by two million to over 26 million.

“Our customers experienced significantly reduced cancellations and long delays largely as a result of our investment in operational resilience, which also contributed significantly to driving down cost per seat ex fuel at constant currency by four per cent in the period.”

He added: “We remain very focused on delivering our revenue initiatives and driving costs down to enhance our profitability per seat.

“With second half forward bookings at 78 per cent, we have better visibility on the second half and expect to deliver a profit before tax of between £400m and £440m, in line with market expectations.”