LUTON (dpa-AFX) - British low-cost airline easyJet plc (ESYJY.PK, EZJ.L) Tuesday said it expects narrower headline loss before tax in its first half with significant growth in revenues.
For fiscal 2023, the company anticipates exceeding current market profit expectations of 260 million pounds, driven by network transformation, improved revenue capability and strong demand.
In its trading update for the six months ended March 31, the company noted that headline loss before tax would be between 405 million pounds and 425 million pounds, compared to last year's loss of 545 million pounds.
Group headline EBIT would be a loss of 395 million pounds, compared to prior year's loss of 486 million pounds. Group headline EBITDAR would be a loss of 70 million pounds, compared to prior year's loss of 208 million pounds.
easyJet reduced its first half seasonal losses significantly year on year, driven by self-help measures including network optimisation, improved ancillary products, and a continued cost focus that helped to fully benefit from strong levels of demand.
Group revenue is projected to be around 2.69 billion pounds for the first half, up 80 percent from 1.50 billion pounds last year. Passenger revenue would grow 78 percent to 1.75 billion pounds.
EasyJet said its holidays continues to benefit from strong UK demand, further upgrading its growth expectations to around 60 percent year on year, compared to previously 50 percent. easyJet holidays is currently 80 percent sold for this summer.
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