Days after launching more routes from Liverpool John Lennon Airport, easyJet posts better-than-expected annual results with pre-tax profits surging to £665m thanks to its holidays division. Tony McDonough reports
Budget airline easyJet says a strong performance from its packaged holidays division has led to better-than-expected annual profits.
One of the biggest airlines at Liverpool John Lennon Airport (LJLA), easyJet posted a 9% rise in pre-tax profits to £665m for the 12 months to September 30. This is 9% ahead of last year and well above the £650m City analysts had predicted.
Group revenue was more than £10.1bn with £1.44bn of that being generated by easyJet Holidays. Pre-tax profits in the holidays division, which handled more than 3m passengers, surged 32% to £250m.
During the 12-month period easyJet, which last week launched another two routes out of LJLA, said it flew more than 93.4m passengers during the 12-month period, higher than the 89.7m flown last year. Load factor (percentage of seats filled) was similar at 89.8%.
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Chief executive Kenton Jarvis said: “Since setting our medium-term targets in 2023 we have made significant progress, delivering a 46% improvement in profit before tax, adding 9% this year through the continued, successful execution of our strategy.
“EasyJet holidays is today launching an even more ambitious goal having achieved its target early.
“Our focus on investing in operations and enhancing customer experience, providing the warmest welcome in travel, has delivered improved punctuality, enhanced customer satisfaction and cost efficiencies this year.”
He concluded: “We are well placed to seize the significant opportunities ahead, and we are confident in achieving our medium-term goal of delivering over £1bn in profit before tax.”