European LCC easyJet has published its annual results for year ending September 30th 2023.
Headline figures include a FY23 headline profit before tax of £455 million (a £633 million YoY improvement) and the airlines' holiday division profits grew 221%, delivering £122 million profit before tax.
While overall growth was strong over the entire year, H2 was particularly good, leading the airline and the credit agencies to give a positive outlook for FY 2024. The results show the airline has £41 million net cash with £4.7 billion liquidity.
READ: EasyJet boss says UK can aim for 'sustainability super-power' status
The airline is to press ahead with its expansion plans. It has an existing order book with Airbus to FY29 for a further 158 A320neo family aircraft still to be delivered. More recently, it entered into conditional arrangements with Airbus to secure the delivery of a further 157 aircraft (56 A320neo & 101 A321neo) This provides easyJet with the ability to complete its fleet replacement programme of A319 aircraft and replace approximately half of the A320ceo aircraft as well as providing capacity for growth. The airline is in exclusive negotiations with CFM for the supply
of engines.
Commenting on the results, Johan Lundgren, easyJet’s Chief Executive Officer, said:
“Our record summer performance demonstrates the success of our strategy and that demand for easyJet remains strong as customers choose us for our network and value.
“We see a positive outlook for this year with airline and holidays bookings both ahead year on year and recent consumer research highlights that around three quarters of Britons plan to spend more on their holidays versus last year with travel continuing to be the top priority for household discretionary spending. We are confident about the future and the opportunity ahead, focusing on capital discipline and driving our low cost model to achieve our ambitious medium term targets.”
