Flash Figures: Medium-Term Strategy & FY23 Trading update
Record Q4 headline profit before tax expected to be between £650 - £670 million
Passenger growth +8% YoY
RPS +9% YoY vs guidance of c. 10%
Ticket yield per passenger +9% YoY
Ancillary yield per passenger +14% YoY
CPS ex fuel flat YoY
Record H2 headline profit before tax expected to be between £850 - £870 million
Passenger growth +7% YoY
RPS +15% YoY
CPS ex fuel reduced 1.3% YoY vs guidance of flat
FY23 headline PBT between £440 - £460 million
eeasyJet holidays continues to outperform and is expected to deliver around £120 million PBT for FY23
Q1 FY24 Guidance
Capacity c.15% ahead YoY
Yields ahead YoY with load factors broadly in line
Airline CPS ex fuel expected to slightly reduce YoY
New medium-term targets with the ambition to deliver >£1bn PBT
Group PBT1 per seat of £7-10
High teen ROCE2
Holidays PBT1 to >£250m
Capacity growth c.5% CAGR to 2028
Proposed aircraft purchase
157 firm orders for delivery between FY29 and FY34 and 100 Purchase Rights, subject to shareholder approval
Existing order book of 158 aircraft for delivery by FY29
Conversion of 35 A320neo deliveries into A321neos within existing order
315 aircraft now on order for delivery by FY34 alongside a further 100 purchase rights
Proposed new shareholder returns policy, commencing with FY23 results, payable early 2024
FY23 payout ratio of 10% of headline PAT
FY24 payout ratio expected to rise to 20% of headline PAT
Potential to increase level of future returns to be assessed over the coming years
A very strong Q4 and encouraging momentum and upbeat sentiment going forward. EasyJet has bounced back well post covid and anlaysts in Europe are rating the Stock as a BUY.
Disclosure, dre aviation via it's parent Company (SLCL/Syon Aviation Investments) own shares in EasyJet Plc, which are listed on the London Stock Exchange.
Full details including guidance and Corporate presentation as listed below:
If you would like to discuss the financials and gain more insights, kindly get in touch and our Analytics team would be pleased to assist.
dre aviation
Africa's Leading Airline Consultancy
Kommentare