EasyJet expects its Group headline profit before tax (PBT) for the year to 30th September 2023 to be between £440m and £460m. This includes a contribution of approximately £120m from easyJet holidays and record results in Q4, with an estimated PBT of £650m to £670m.
EasyJet holidays has increased its UK market share to 5pc and aims to target over 10pc. Additionally, the company has a leading cost position in the industry.
In terms of capacity, EasyJet anticipates a growth of around 15pc in Q1, with higher yields and load factors in line with expectations. It also expects a slight decrease in headline costs (excluding fuel) compared to Q1 of the previous year.
Medium-term targets for EasyJet include achieving a group PBT of £7 to £10 per seat, a high teen return on capital employed, easyJet holidays’ PBT of £250m or more, and maintaining disciplined capacity growth of approximately 5pc per annum.
EasyJet has 158 aircraft on firm order scheduled for delivery by 2028, consisting of 90 A320neo and 68 A321neo. It plans to seek shareholder approval for an additional order of 56 A320neo, 101 A321neo, and 100 purchase rights between FY29 and FY34, which will replace A319 and over half of the A320ceo in its fleet.
Notable cost savings for EasyJet are expected from A319 aircraft leaving the fleet by FY28, with approximately £3 per seat saved. This includes savings from fuel, airports and handling, as well as crew costs.
EasyJet plans to focus its expansion on constrained airports where it believes returns are the best.
