The easyJet plc (LON: EZJ) share price dropped 3.08% after releasing the financial results for the quarter ended 30 June 2023. The Q3 headline profit before tax was recorded at £203 million, marking a £317 million improvement from the Q3'22 figures.
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The airline noted that its revenue per seat increased by 23% compared to last year, while headline cost per seat, excluding fuel costs, fell by 2%. The EasyJet Holidays division’s passenger booking total (PBT) of £49 million fueled the group’s march towards a robust outcome for fiscal 2023.
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EasyJet Holidays remains the standout performer in the Group, and the company expects the division to generate £100m+ PBT in the current fiscal year. The airline group expects its Q4 revenues per seat (RPS) to rise by 10% versus last year’s performance.
The airline expects its headline cost per seat (CPS) to remain relatively flat for the year's second half. Furthermore, the company noted that it had repaid debts worth $950 million during Q3 and was planning to retire debt worth £1.2bn during the current fiscal year and in Q1 FY 2024.
EasyJet expects Q4 to deliver another record PBT performance with RPS up by around 10% year on year and cost per seat (CPS) excluding fuel for H2'23 expected to remain relatively flat annually.
The airline noted that it had experienced good booking momentum heading into the winter and sold ticket yields and load factors were ahead year on year, and its planned capacity was up over 15% for the December quarter.
Johan Lundgren, the easyJet CEO, said: “Our Q3 performance has been underpinned by strong passenger demand for easyJet's network and services. We continue to provide great value to customers with around half of easyJet's fares currently on sale still under £50. We are absolutely focused on mitigating the impact of the challenging external environment on our customers and flying them on their well-earned holidays. We continue to see good momentum as we move into Q4 where we will be operating over 160,000 flights and expect to deliver another record PBT performance.”
*This is not investment advice.
EasyJet (EZJ) share price.
The EasyJet (EZJ) share price dropped 3.08% to trade at 480.1p, from Wednesday’s closing price of 495.4p.
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