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EasyJet losses narrow, revenue grows, sees stronger passenger growth for early 2023 – News Opener

EasyJet PLC said Tuesday that its fiscal 2022 pretax loss narrowed and revenue rose as passenger numbers and revenue per seat recovered following the easing of Covid-19-related restrictions.

The U.K. budget airline

said that for the year ended Sept. 30, its pretax loss was 208 million pounds ($248.8 million) compared with a loss of GBP1.04 billion for fiscal 2021, and consensus of a loss of GBP183.0 million based on the forecasts of seven analysts taken from FactSet.

The company incurred GBP30 million in non-headline costs during the year, compared with GBP100 million in non-headline gains the year prior.

Adjusted pretax loss–a key measure for the airline, which strips out exceptional and other one-off items–was GBP178 million compared with a loss of GBP1.14 billion the year prior and consensus of a GBP187.0 million loss, taken from FactSet and based on 14 analysts’ estimates.

Revenue was GBP5.77 billion compared with GBP3.01 billion in 2020 and a consensus of GBP5.73 billion, taken from FactSet and based on 16 analysts’ estimates.

Total revenue per seat increased to GBP66.23 from GBP50.54 a year before.

Total passengers rose to 69.7 million, from 20.4 million in 2021, while the airline said load factor rose 13 percentage points to 85.5% from 72.5% the year before.

For the first quarter of fiscal 2023, easyJet said it expects revenue per seat growth to be up more than 20% on year with load factor growth of 10 percentage points.

Write to Joe Hoppe at [email protected]

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