easyJet: shares up after 'strong' finish to financial year
(CercleFinance.com) - British low-cost airline easyJet saw its shares rise by over 4% on Tuesday after a "strong" finish to the financial year.
Performance was driven by its "self-help" initiatives in challenging market conditions.
The Luton, UK-based airline said revenue for the year ending 30 September grew 8.3% to 6.4 billion pounds, as passenger numbers for the year increased by 8.6% to a record 96.1 million.
easyJet said it benefited from the strikes at British Airways and Ryanair, but also from its focus on optimising late yield.
The budget carrier said headline profit before tax was down 26% at 427 million pounds, although towards the top of the 420-430 million pounds guidance range.
In its statement, the company added that forward bookings for the first half of the 2020 financial year were "reassuring," with bookings slightly ahead of last year.
The airline also announced its intention to operate net-zero carbon flights, by offsetting the carbon emissions from the fuel used for all of its flights.
easyJet shares - which have jumped by 38% over the past three months - were up 4.3% at 1,332 pence this morning, valuing the business at around 5.1 billion pounds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Performance was driven by its "self-help" initiatives in challenging market conditions.
The Luton, UK-based airline said revenue for the year ending 30 September grew 8.3% to 6.4 billion pounds, as passenger numbers for the year increased by 8.6% to a record 96.1 million.
easyJet said it benefited from the strikes at British Airways and Ryanair, but also from its focus on optimising late yield.
The budget carrier said headline profit before tax was down 26% at 427 million pounds, although towards the top of the 420-430 million pounds guidance range.
In its statement, the company added that forward bookings for the first half of the 2020 financial year were "reassuring," with bookings slightly ahead of last year.
The airline also announced its intention to operate net-zero carbon flights, by offsetting the carbon emissions from the fuel used for all of its flights.
easyJet shares - which have jumped by 38% over the past three months - were up 4.3% at 1,332 pence this morning, valuing the business at around 5.1 billion pounds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.