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| EasyJet profits rise on late summer surge | EasyJet profits rise on late summer surge |
| (about 1 hour later) | |
| Low-cost airline easyJet has pledged to pay a higher dividend after outperforming the sector with a 28% rise in full-year profit that was helped by a surge in late summer demand. | Low-cost airline easyJet has pledged to pay a higher dividend after outperforming the sector with a 28% rise in full-year profit that was helped by a surge in late summer demand. |
| Europe's second-largest budget airline after Ryanair reported a pretax profit of £317m on revenues 11.6% higher at £3.85bn for the year to the end of September. | Europe's second-largest budget airline after Ryanair reported a pretax profit of £317m on revenues 11.6% higher at £3.85bn for the year to the end of September. |
| In October easyJet had said it was expecting to report an annual pretax profit of £310m-£320m. | In October easyJet had said it was expecting to report an annual pretax profit of £310m-£320m. |
| The Luton-based airline more than doubled its full-year dividend to 21.5p from 10.5p and announced plans to increase future handouts to shareholders. The company's shares were up more than 3% on Tuesday morning to 675p. | The Luton-based airline more than doubled its full-year dividend to 21.5p from 10.5p and announced plans to increase future handouts to shareholders. The company's shares were up more than 3% on Tuesday morning to 675p. |
| "In light of the continued strong financial performance of easyJet and the confidence in easyJet's position within European short-haul aviation, the board has decided to amend the dividend policy from this year," said Carolyn McCall, who has helped double the airline's profits since she took over as chief executive in July 2010. | "In light of the continued strong financial performance of easyJet and the confidence in easyJet's position within European short-haul aviation, the board has decided to amend the dividend policy from this year," said Carolyn McCall, who has helped double the airline's profits since she took over as chief executive in July 2010. |
| The group would seek "to pay out one-third of profit after tax each year, up from the one-fifth payout introduced last year". | The group would seek "to pay out one-third of profit after tax each year, up from the one-fifth payout introduced last year". |
| EasyJet's strong performance bucks tough conditions elsewhere in the airline sector where several carriers have been hit by a toxic mix of high fuel costs, weak consumer confidence and the eurozone crisis. | EasyJet's strong performance bucks tough conditions elsewhere in the airline sector where several carriers have been hit by a toxic mix of high fuel costs, weak consumer confidence and the eurozone crisis. |
| Earlier this month IAG's Spanish airline Iberia announced plans to axe almost a quarter of its staff and rationalise its network under a restructuring plan. Germany's Lufthansa, which has already slashed hundreds of jobs, said it would step up cost cutting to counter rising fuel prices and limited growth in its core market. | Earlier this month IAG's Spanish airline Iberia announced plans to axe almost a quarter of its staff and rationalise its network under a restructuring plan. Germany's Lufthansa, which has already slashed hundreds of jobs, said it would step up cost cutting to counter rising fuel prices and limited growth in its core market. |
| Since the start of the year airlines, including the loss-making Spanair and Hungarian flag-carrier Malev, have ceased operations, leaving gaps in the market that low-cost competitors have been quick to exploit. | Since the start of the year airlines, including the loss-making Spanair and Hungarian flag-carrier Malev, have ceased operations, leaving gaps in the market that low-cost competitors have been quick to exploit. |
| EasyJet, the largest carrier at London's Gatwick airport, said a strong rise in summer bookings from Britain to Malaga and Alicante in Spain and Faro in Portugal had helped, while it also increased the number of flights between top business destinations during the year. | EasyJet, the largest carrier at London's Gatwick airport, said a strong rise in summer bookings from Britain to Malaga and Alicante in Spain and Faro in Portugal had helped, while it also increased the number of flights between top business destinations during the year. |
| The carrier said passenger numbers rose 7.1% to 58.4 million during the year, with load factors – a measure of how full its planes are – up 1.4 percentage points to 88.7%. | |
| The airline, which will fly between London, Manchester and Moscow from next year, said its profit margins grew by 1 percentage point to 8.2% during the year, despite a £182m increase in its fuel costs. | The airline, which will fly between London, Manchester and Moscow from next year, said its profit margins grew by 1 percentage point to 8.2% during the year, despite a £182m increase in its fuel costs. |
| It expects its fuel bill to be around £30m higher in 2012/13. | It expects its fuel bill to be around £30m higher in 2012/13. |