AGM Statement

easyJet PLC
26 February 2004

26 February 2004
Embargoed until 07.00

                                  easyJet PLC
                     Annual General Meeting trading update


easyJet PLC has performed well in the first three months of its financial year
to 31 December 2003.


Summary of performance

                                              3 months to 31 December    3 months to 31 December            %
                                                       2003                       2002                   Change

Average fare                       £                  39.87                      38.62                    3.2%
Load factor                        %                   82.4                       80.5                    2.3%

Passengers                         m                    5.3                        4.5                    16.3%
Average aircraft in fleet                                77                         64                    20.3%
Average operating aircraft                               71                         63                    12.7%

ASKs                              bn                    5.5                        4.8                    14.0%
RPKs                              bn                    4.5                        3.9                    15.0%



Commenting on these figures at the Annual General Meeting to be held at 10:00
today in Luton, Sir Colin Chandler, Chairman of easyJet PLC, will say:


'Despite a competitive environment, we have reported improved yields and
improved load factors compared to the same period last year. The peak rates of
our capacity growth in the last couple of years have now passed and, as planned,
our business model is delivering controlled growth.


This sound performance is evidence of the value and strength of our business
model, which provides low-cost good value services on attractive routes to
mainstream airports.


Passenger numbers in the first quarter rose faster than the planned increase in
capacity. The introduction of the first five of the new Airbus 319s into Geneva
has been successful.


We have recently announced the addition of 15 routes, several to countries due
to enter the EU, reflecting the continued opportunities for low-cost airline
growth in Europe.


Given that approximately one-third of our cost base is denominated in US
Dollars, the favourable Sterling/US Dollar exchange rate has outweighed the
negative impact of rising fuel costs over the period.


We reiterate our previous comment in welcoming the decision by the European
Commission clarifying the relationship between airlines and publicly-owned
airports and see it as supportive of the low-cost airline industry.'



Outlook


Turning to the outlook, Ray Webster, easyJet's Chief Executive, will say:


'We remain cautiously optimistic regarding our performance for the full
financial year.


Load factors and yields for the first half are anticipated to be above last year
at the current levels of forward bookings for the remainder of the period.
However, as with almost every year of our history, the seasonal nature of our
trading patterns means that the majority of our profits will be generated in the
last quarter of the financial year and, following this historical pattern, we
anticipate showing a loss in the first half of the year.



For the year to 30 September 2004 as a whole, we expect slightly improved load
factors and a similar yield, compared to last year.'


Conference Call

There will be a conference call for fund managers and analysts at 14:30 London
time. To participate, contact Abigail Forbes at Financial Dynamics on +44 (0)20
7269 7211.



                                      END




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