Nov 15, 2016
From Venice to Luton, easyJet pledges expansion
EasyJet plans to grow fast at the airport serving Venice, city of dreams and lovers. Profits before tax crashed 28 per cent to £495m. Yet the business, helmed by shrewd ex-Guardian boss Dame Carolyn McCall, plans to raise gross capex from £650m next year to more than £1bn in both 2018 and 2019. She believes the business, in which founder Sir Stelios controls 34 per cent of shares, will need more seats as legacy European airlines atrophy. The dividend payout is set at 50 per cent of post-tax profits. The teaser is whether Sir Stelios and another 17 per cent of shareholders can still stomach it following such bad results.
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