Easyjet to deliver high-flying profits after being boosted by record passenger numbers

Oliver Gill
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Easyjet Crew Consider Summer Strike
Easyjet boss Carolyn McCall said the current market turmoil provided "opportunities" for the airline (Source: Getty)

Easyjet this morning hailed a strong final quarter, saying its full-year profits will be near the top end of market guidance.

Profit before tax is expected to be between £405m and £410m with passenger numbers at record levels.

But the airline said foreign exchange movements had moved against it and would take a £100m hit compared with the previous year.

"Easyjet has finished the year with continued positive momentum delivering both a strong final quarter and a strong second half. Passenger numbers and load factor in the final quarter set new records and the second half profit was over £100m higher than summer 2016," said chief executive Carolyn McCall.

The market continues to be challenging and Easyjet has had to absorb a significant currency impact of £100m in the year. However, Easyjet continues to operate Europe's strongest network and the current turmoil in the sector provides Easyjet with opportunities to capitalise on its strong customer proposition and grow and strengthen our positions in Europe's leading airports still further.

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Easyjet was boosted over the year by a dramatic fall in its fuel bill. Costs are expected to drop by between £230m and £235m over the year to September.

And the benefit of fuel costs is likely to run into next year. The FTSE 100 firm expects further savings of between £125m and £145m in the 12 months to September 2018 "as a result of easyJet's advantaged hedging position".

Meanwhile, FX costs are set to reduce with the airline forecasting £20m of foreign currency "headwinds" in 2018.

Read more: EasyJet submits offer to acquire part of insolvent Air Berlin

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