Easyjet’s fleet as at 30 September 2023 comprised 336 aircraft (30 September 2022: 320 aircraft, excluding three A319 aircraft held on a zero rent basis). Of the total fleet, 54pc is owned, all owned aircraft are unencumbered
EasyJet has an existing order book with Airbus to FY29 for a further 158 A320neo family aircraft still to be delivered. Alongside this, as announced on 12 October 2023, easyJet has entered into conditional arrangements with Airbus to secure the delivery of a further 157 aircraft (56 A320neo & 101 A321neo) between FY29 – FY34 as well as 100 purchase rights
Despite challenges such as high fuel costs and the operational environment, EasyJet had a record performance in summer 2023. They achieved a pre-tax headline profit of £455m, a significant improvement from the previous year.
EasyJet strategically reallocates aircraft to bases with higher returns and has introduced over 80 new routes to expand customer options. Investments in Italy, capacity rationalization in Berlin, and investments in Porto and Lisbon contributed to profit improvements.
EasyJet concentrated its capacity at airports that deliver higher returns, with 42pc of capacity at fully constrained airports and 39pc at peak-time constrained airports.
Passenger revenue increased by 37pc to £5,221m, driven by strong consumer demand. Ancillary revenue, including from easyJet holidays, saw a 51pc increase to £2,950m.
EasyJet aims to achieve a Group PBT per seat of £7 to £10 by reducing winter losses, growing easyJet holidays, and benefiting from fleet efficiency and upgauging.
The outlook for FY24 is positive, with expected revenue and seat growth, and increased focus on easyJet holidays.
EasyJet has a strong financial position with net cash of £41m and £4.7bn liquidity. They have reinstated dividends and plan to assess future returns.
Middle East conflict is likely to impact early winter results, but positive booking strength for summer 2024 and supply constraints in Europe provide a positive outlook overall.
EasyJet plans to purchase new aircraft from Airbus and convert some orders to reduce fuel burn, CO2 emissions, and operating costs. Shareholder approval for the proposed purchase and conversion will be sought at a General Meeting.
Chief Commercial Officer Sophie Dekkers said the carrier has applied for 90,000 Gatwick slots for summer 2024. Around 6,000 of these slots have been built into the summer 2024 schedule “for resilience” after easyJet was forced to cancel summer 2023 flights to mitigate against air traffic control (ATC) disruption and congestion over the southern Mediterranean.
EasyJet also will be returning around 3,000 slots to BA, which Dekkers equated to “three aircraft’s worth,” under a slot agreement between the two airlines.
