easyJet Update on Impact of V

RNS Number : 4044K

easyJet PLC

19 April 2010

 



19 April 2010

easyJet update on impact of volcanic disruption

The closure of the majority of European airspace has forced easyJet to cancel 4,500 flights over the last 5 days, representing 85% of its schedule. We estimate that this has displaced about 200,000 passengers.

Based on our initial estimates the cumulative profit impact, up to and including 19 April 2010, representing both the lost contribution and additional costs is around £40million. The continuing daily profit impact is estimated to be around £5million.

easyJet's pre-tax result for the six months ended 31 March 2010 is expected to be at the top end of our guidance. Unit revenues were also above our expectations with total revenue per seat, at constant currency, in the first half up by 0.8% compared to the same period last year. This strong revenue performance was partially offset by the exceptional levels of weather related disruption across Europe in December and January. This impacted the first half pre-tax result by approximately £25million of additional costs and lost contribution. With a third of the seats for the second half of the year now booked, trading prior to the recent volcanic disruption has continued to be robust in terms of both yields and load factors.

easyJet will announce its results for the six months ended 31 March 2010 on 11 May 2010 and will provide an update on the impact of the current disruption and further outlook comment then.

Ends.

Institutional investors and analysts:

Rachel Kentleton, Investor Relations                                             [phone]

Media:

Oliver Aust                                                                                 [phone]

Ben Foster / Tim Spratt (Financial Dynamics)                                [phone]

 

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