Annual report
and accounts 2009
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- 2009 in brief
Results at a glance
| 2009 | 2008 | Change | |
|---|---|---|---|
| Total revenue (£ million) | 2,667 | 2,363 | 12.9% |
| Profit before tax – underlying1 (£ million) | 43.7 | 123.1 | (64.5)% |
| Profit before tax – reported (£ million) | 54.7 | 110.2 | (50.3)% |
| Pre-tax margin – underlying1 (%) | 1.6% | 5.2% | (3.6)ppt |
| Return on equity – reported (%) | 5.5% | 6.8% | (1.3)ppt |
| Basic EPS – reported (pence) | 16.9 | 19.8 | (14.6)% |
Highlights
- Total revenue per seat up 10.9% (4.1% at constant 44 currency), driven by the strength of the easyJet network, competitor capacity reduction of around 6%, strong ancillary revenue performance and a 2.6% sector length increase
- Passenger numbers up 3.4% to 45.2 million and load factor improved by 1.4ppt to 85.5%
- Underlying profit before tax1 of £43.7 million delivered in line with expectation. The £79.4 million reduction in underlying pre-tax profit compared to the prior year is driven by a unit fuel cost increase equivalent to £86.1 million and interest income lower by £30.5 million
- Operating costs2 per seat (excluding fuel and currency movement) increased by 3.9% for the full year. Total underlying cost per seat1 (excluding fuel and currency movement) up 6.2% partly driven by increased sector length, planned lower aircraft utilisation during the winter and a £30.5 million reduction in interest income
- Significant progress on cost reduction initiatives: 19 expensive aircraft exited from the fleet; systems implemented; renegotiation of our maintenance arrangements with SRT to deliver savings of around £175 million over the 11 year life of the contract
- easyJet’s position in European short-haul aviation has strengthened with market share gains in a number of valuable markets such as Paris, London Gatwick, Milan and Madrid and over a 10% increase in slots at capacity constrained airports
- Sufficient resources in place through a combination of undrawn committed facilities and surplus cash to fund future aircraft deliveries for at least the next 18 months
- Forward bookings broadly in line with prior year
Note 1: Underlying financial performance excludes an £11.0 million profit on the disposal of three aircraft in 2009, and £12.9 million of costs associated with the integration of GB Airways in 2008.
Note 2: Excludes interest income.