Results centre

2017 Half Year Results


Half year results statement

Strengthening number one positions

  • Record number of passengers for the first six months of the 2017 financial year at 33.8 million, up 9.0% yearon-year with a record first half load factor at 90.2% (H1 2016: 89.7%), reflecting easyJet’s attractive network and affordable fares.
  • Capacity increased by 8.4% as easyJet delivered its strategy of purposeful investment to reinforce and expand its leadership positions in its core markets.
  • Total revenue up 3.2% to £1,827 million with revenue per seat of £48.80 (a decline of 4.9%, and of 9.7% at constant currency1 , in line with guidance) reflecting the timing of Easter and high overall market capacity growth.

Rigorous cost control

  • Headline cost per seat excluding fuel at constant currency flat at £38.54, reflecting strong cost control despite high levels of disruption. Headline cost per seat increased by 4.9% to £54.45 (a decrease of 4.1% at constant currency) driven by the weakness of sterling.
  • Headline loss before tax of £212 million includes the estimated impact of the move of Easter into the second half of the year (circa £45 million) and a negative net currency impact of £82 million. Excluding these two items the headline loss before tax would have been circa £85 million. Total loss before tax after non–headline items was £236 million.

Investing in the future

  • easyJet has agreed to purchase 30 A321 NEO aircraft under its existing agreement with Airbus, with the first arriving in summer 2018. This is a conversion of 30 existing A320 NEO orders and via increased flexibility within the Airbus agreement will be neutral to current fleet capex commitments. The A321 NEOs will increase easyJet’s ability to grow in slot constrained airports and manage costs.
  • easyJet remains on track to confirm possession of a European Air Operator Certificate (AOC) by the Summer and therefore secure its future operations within the European Union.
  • easyJet’s business model and strategy are underpinned by sector leading balance sheet strength, with a net cash position at 31 March 2017 of £353m. Unencumbered aircraft now represent 71% of easyJet’s total fleet.
  2017 2016 Change
Favourable/(adverse)
Capacity (millions of seats) 37.5 34.5 8.4 %
Load factor (%) 90.2 89.7 0.5 ppts
Passengers (millions) 33.8 31.0 9.0 %
Total revenue (£ million) 1,827 1,771 3.2 %
Headline loss before tax (£ million) (212) (21) £(191) m
Total loss before tax (£ million) (236) (18) £(218) m
Headline constant currency loss before tax (£ million) (130) (21) (109) m
Headline basic loss per share (pence) (43.8) (4.6) (39.2) pence
Constant currency revenue per seat (£) 46.32 51.29 (9.7) %
Headline constant currency cost per seat (£) 49.79 51.91 4.1 %

Financial highlights

Strengthening number one positions

  • Record number of passengers for the first six months of the 2017 financial year at 33.8 million, up 9.0% yearon-year with a record first half load factor at 90.2% (H1 2016: 89.7%), reflecting easyJet’s attractive network and affordable fares.
  • Capacity increased by 8.4% as easyJet delivered its strategy of purposeful investment to reinforce and expand its leadership positions in its core markets.
  • Total revenue up 3.2% to £1,827 million with revenue per seat of £48.80 (a decline of 4.9%, and of 9.7% at constant currency1 , in line with guidance) reflecting the timing of Easter and high overall market capacity growth.

Rigorous cost control

  • Headline cost per seat excluding fuel at constant currency flat at £38.54, reflecting strong cost control despite high levels of disruption. Headline cost per seat increased by 4.9% to £54.45 (a decrease of 4.1% at constant currency) driven by the weakness of sterling.
  • Headline loss before tax of £212 million includes the estimated impact of the move of Easter into the second half of the year (circa £45 million) and a negative net currency impact of £82 million. Excluding these two items the headline loss before tax would have been circa £85 million. Total loss before tax after non–headline items was £236 million.

Operational highlights

Investing in the future

  • easyJet has agreed to purchase 30 A321 NEO aircraft under its existing agreement with Airbus, with the first arriving in summer 2018. This is a conversion of 30 existing A320 NEO orders and via increased flexibility within the Airbus agreement will be neutral to current fleet capex commitments. The A321 NEOs will increase easyJet’s ability to grow in slot constrained airports and manage costs.
  • easyJet remains on track to confirm possession of a European Air Operator Certificate (AOC) by the Summer and therefore secure its future operations within the European Union.
  • easyJet’s business model and strategy are underpinned by sector leading balance sheet strength, with a net cash position at 31 March 2017 of £353m. Unencumbered aircraft now represent 71% of easyJet’s total fleet.

Financial summary

  2017 2016 Change
Favourable/(adverse)
Capacity (millions of seats) 37.5 34.5 8.4 %
Load factor (%) 90.2 89.7 0.5 ppts
Passengers (millions) 33.8 31.0 9.0 %
Total revenue (£ million) 1,827 1,771 3.2 %
Headline loss before tax (£ million) (212) (21) £(191) m
Total loss before tax (£ million) (236) (18) £(218) m
Headline constant currency loss before tax (£ million) (130) (21) (109) m
Headline basic loss per share (pence) (43.8) (4.6) (39.2) pence
Constant currency revenue per seat (£) 46.32 51.29 (9.7) %
Headline constant currency cost per seat (£) 49.79 51.91 4.1 %
Date Title Results Presentation Webcast
16 May 2017 Half year results statement
24 Jan 2017 Q1 Trading Update
Date Title Results Presentation Webcast
15 Nov 2016 Full year results statement
06 Oct 2016 Trading Update
21 Jul 2016 Q3 Trading Statement July 2016
10 May 2016 Half Year
26 Jan 2016 Trading Update
Date Title Results Presentation Webcast
17 Nov 2015 Full Year
03 Sep 2015 Trading Update
22 Jul 2015 Q3 Trading Statement July 2015
12 May 2015 Half Year
26 Mar 2015 Trading Update
27 Jan 2015 Trading Update
Date Title Results Presentation Webcast
18 Nov 2014 Full Year
03 Oct 2014 Trading Update
24 Jul 2014 Quarter 3
13 May 2014 Half Year
25 Mar 2014 Trading Update
23 Jan 2014 Quarter 1
Date Title Results Presentation Webcast
19 Nov 2013 Full Year
03 Oct 2013 Trading Update
24 Jul 2013 Quarter 3
15 May 2013 Half Year
05 Apr 2013 Trading Update
24 Jan 2013 Quarter 1
Date Title Results Presentation Webcast
20 Nov 2012 Full Year
25 Jul 2012 Quarter 3
09 May 2012 Half Year
26 Jan 2012 Quarter 1
Date Title Results Presentation Webcast
15 Nov 2011 2011 full year results
22 Jul 2011 Quarter 3
10 May 2011 Half year
20 Jan 2011 Quarter 1
16 Nov 2010 Full Year
28 Jul 2010 Quarter 3
11 May 2010 Half year
21 Jan 2010 Quarter 1
17 Nov 2009 Full Year
29 Jul 2009 Quarter 3
06 May 2009 Half yearly
22 Jan 2009 Quarter 1
18 Nov 2008 Full Year
24 Jul 2008 Quarter 3
07 May 2008 Half Yearly
07 Feb 2008 Quarter 1
20 Nov 2007 Full Year
07 Aug 2007 Quarter 3
09 May 2007 Half Yearly
07 Feb 2007 Quarter 1
14 Nov 2006 Full Year
03 May 2006 Half Yearly
22 Feb 2006 Quarter 3
22 Feb 2006 Quarter 1
22 Nov 2005 Full Year
05 Aug 2005 Quarter 3
24 May 2005 Half Yearly
07 Feb 2005 Quarter 1

2017

Date Title Results Presentation Webcast
16 May 2017 Half year results statement
24 Jan 2017 Q1 Trading Update

2013

Date Title Results Presentation Webcast
19 Nov 2013 Full Year
03 Oct 2013 Trading Update
24 Jul 2013 Quarter 3
15 May 2013 Half Year
05 Apr 2013 Trading Update
24 Jan 2013 Quarter 1

2012

Date Title Results Presentation Webcast
20 Nov 2012 Full Year
25 Jul 2012 Quarter 3
09 May 2012 Half Year
26 Jan 2012 Quarter 1

Archive

Date Title Results Presentation Webcast
15 Nov 2011 2011 full year results
22 Jul 2011 Quarter 3
10 May 2011 Half year
20 Jan 2011 Quarter 1
16 Nov 2010 Full Year
28 Jul 2010 Quarter 3
11 May 2010 Half year
21 Jan 2010 Quarter 1
17 Nov 2009 Full Year
29 Jul 2009 Quarter 3
06 May 2009 Half yearly
22 Jan 2009 Quarter 1
18 Nov 2008 Full Year
24 Jul 2008 Quarter 3
07 May 2008 Half Yearly
07 Feb 2008 Quarter 1
20 Nov 2007 Full Year
07 Aug 2007 Quarter 3
09 May 2007 Half Yearly
07 Feb 2007 Quarter 1
14 Nov 2006 Full Year
03 May 2006 Half Yearly
22 Feb 2006 Quarter 3
22 Feb 2006 Quarter 1
22 Nov 2005 Full Year
05 Aug 2005 Quarter 3
24 May 2005 Half Yearly
07 Feb 2005 Quarter 1

2016

Date Title Results Presentation Webcast
15 Nov 2016 Full year results statement
06 Oct 2016 Trading Update
21 Jul 2016 Q3 Trading Statement July 2016
10 May 2016 Half Year
26 Jan 2016 Trading Update

2015

Date Title Results Presentation Webcast
17 Nov 2015 Full Year
03 Sep 2015 Trading Update
22 Jul 2015 Q3 Trading Statement July 2015
12 May 2015 Half Year
26 Mar 2015 Trading Update
27 Jan 2015 Trading Update

2014

Date Title Results Presentation Webcast
18 Nov 2014 Full Year
03 Oct 2014 Trading Update
24 Jul 2014 Quarter 3
13 May 2014 Half Year
25 Mar 2014 Trading Update
23 Jan 2014 Quarter 1