Nov 20, 2018

easyJet profits rise by 42% boosted by collapse of rival airlines

Low-cost carrier easyJet has said it would not improve its outlook for the first half of 2019 after posting a 42 per cent jump in profits which it said were boosted by one-off factors. The airline announced full-year headline pre-tax profit of £578m, up 42 per cent and at the higher end of the company's guidance. Revenue increased 17 per cent to £5.9bn. But the company kept its outlook for the first half of 2019, maintaining its prediction that revenue per seat would fall by low to mid-single digits because of 2018's one-off benefits, such as the collapse of rival airlines. On Brexit, easyJet said it was already at 47 per cent non-UK ownership, putting it close to the majority needed to maintain EU licences after the UK leaves the bloc. EasyJet is 65 per cent hedged for fuel for 2019, but said fuel would still be a headwind of £50m-£100m..

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