Analyst and Investor Day

RNS Number : 5805D

easyJet PLC

17 September 2008

 



Wednesday 17 September 2008

easyJet plc

Analyst and Investor Day

easyJet plc is holding a meeting for analysts and investors today . In addition to a series of presentations by a broad range of the easyJet management team, the following comments will be made on current trading:

With 165 aircraft covering 400 routes in 26 countries easyJet continues to build Europe's number 1 short-haul air transport network. Nearly half of easyJet's passengers now originate outside the UK.

easyJet's investment in modern, fuel efficient aircraft is underpinned by its financial strength. At the end of September 2008, easyJet expects to have cash reserves of around £900m. 

The outlook for the financial year ending 30th September 2008 remains unchanged:

• Profit before tax : £110m to £120m (before GB Airways one off costs)

• GB Airways one off costs circa £12m

• H2 total revenue per seat up mid teens per cent versus prior year

To minimise margin erosion from higher fuel costs easyJet has reduced its growth for winter 08/09 (measured by seats flown) to low single digit percentage over the previous winter. We expect the strong year on year growth in total revenue per seat, seen this summer, to moderate in the winter due to the annualisation of the stronger Euro currency and a softening UK consumer environment. Whilst we expect industry capacity reductions over the winter to be in the region of 2% to 4%, it remains a volatile market and too early to anticipate the impact on yield of the capacity changes.

For the next financial year our overall hedging position is:

• 48% fuel requirement hedged at $1,225 per tonne

• 70% of anticipated F'09 US$ requirement hedged at $1.96 /£

• 80% of anticipated F'09 Euro surplus hedged at Euros1.24 

easyJet's low cost, customer-focused and highly efficient business model means it is positioned strongly to succeed in the current challenging climate.

The meeting which starts at 9am is being held at The Haberdashers' Hall, 18 West Smithfield, London EC1, the presentations will be available from 9am today at the investor relations section of www.easyJet.com. An on-demand replay webcast will be available from tomorrow at the investor relations section of  www.easyJet.com

Ends

Enquiries should be directed to:

easyJet plc

Analysts and investors:

Rachel Kentleton, Investor Relations                [phone]

Media:

Toby Nicol, Corporate Communications            [phone]

 

END

 

 

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