LONDON (dpa-AFX) - British airline EasyJet Plc (ESYJY.PK, EZJ.L) reported Thursday a wider loss in its first half, despite higher revenues with strong traffic and capacity increase. For fiscal 2025 and medium term, the company projects earnings growth.
In the first half, loss before tax widened to 401 million pounds from last year's loss of 347 million pounds. Basic loss per share was 39.5 pence, compared to loss of 34.3 pence a year ago.
Total headline loss before tax for the period was 394 million pounds, compared to a 350 million loss last year. Basic headline loss per share was 38.9 pence, compared to loss of 34.4 pence a year ago.
Group headline EBITDA was negative 5 million pounds, compared to prior year's earnings of 15 million pounds.
Total revenue of 3.53 billion pounds, however, was 8 percent ahead of prior year's 3.27 billion pounds.
Seat capacity in the first half increased 6 percent from last year to 44.9 million. Available seat kilometres or ASK grew 12 percent to 55,570 million, and load factor increased 1.2 percent pts to 87.9 percent with an increase in the number of passengers by 8 percent to 39.5 million passengers.
In the second quarter, easyJet flew 20.8 million seats, up from 19.3 million seats last year. Load factor was 87.5 percent, higher than prior year's 87.2 percent. Passengers grew 8 percent to 18.24 million.
Looking ahead for fiscal 2025, EasyJet projects attractive earnings growth, driven by a slight YoY improvement in winter result, alongside a positive demand outlook for summer supported by constrained H2 capacity growth.
The expect FY25 ASK growth is around 8 percent from last year.
The company also said it is on track to achieve medium term target of better than 1 billion pounds of profit before tax.
Kenton Jarvis, CEO of easyJet, said, 'We continue to see strong demand for easyJet's flights and holidays... We remain focused on delivering another record summer this year, expecting to drive strong earnings growth as we continue to progress towards our target of sustainably generating over £1 billion of annual profit before tax.'
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