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EasyJet profits soar by 48% EasyJet profits soar by 48%
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EasyJet raised its profit expectations for the full year after it attracted more business and leisure passengers and enjoyed a strong summer.EasyJet raised its profit expectations for the full year after it attracted more business and leisure passengers and enjoyed a strong summer.
The budget airline said in a trading update that pre-tax profit for the 12 months to 30 September is expected to have increased by at least 48% to between £470m and £480m. The budget airline said in a trading update that pre-tax profit for the 12 months to 30 September is expected to have increased by at least 48% to between £470m and £480m. This compared with an earlier guidance in July of profit between £450m and £480m, and would be a sharp improvement on the £317m achieved in the previous year. It is also above analysts' forecasts of £465m profit.
This compared with an earlier guidance in July of profit between £450m and £480m, and would be a sharp improvement on the £317m achieved in the previous year. It is also above analysts' forecasts of £465m profit. Revenue per seat is expected to rise by around 6% in the full year after strong demand in July and August and despite the political unrest in Egypt.
Revenue per seat is expected to rise by around 6% in the full year after strong demand in July and August and despite the political unrest in Egypt. The update came as the UK's Civil Aviation Authority said it was satisfied with plans submitted by Gatwick airport to raise average charges by 0.5% above retail price inflation for seven years. The update came as the UK's Civil Aviation Authority said it was satisfied with plans submitted by Gatwick airport to raise average charges by 0.5% above retail price inflation for seven years.
EasyJet's chief executive, Carolyn McCall, said she was "disappointed" with the increase.EasyJet's chief executive, Carolyn McCall, said she was "disappointed" with the increase.
"This is based on the airport's proposals and ignores those of the airlines who gave evidence to support a lowering in charges which would have led to a reduction in fares paid by passengers.""This is based on the airport's proposals and ignores those of the airlines who gave evidence to support a lowering in charges which would have led to a reduction in fares paid by passengers."
EasyJet has increased efforts to attract business passengers, which account for 18% of passengers, with the introduction of allocated seating, flexible tickets and more frequent flights on key routes. Luton-based EasyJet has increased efforts to attract business users, now 18% of passengers, with the introduction of allocated seating, flexible tickets and more frequent flights on key routes.
Total passenger numbers increased by 4% to 60.7 million in the year ending September 2013. Total passenger numbers increased by 4% to 60.7 million over the airline's financial year.
"EasyJet has delivered a strong performance in the last 12 months due to management action to generate value to our customers and maintain a tight control of costs combined with an unusually benign capacity environment," said McCall. "EasyJet has delivered a strong performance in the last 12 months due to management action to generate value to our customers and maintain a tight control of costs combined with an unusually benign capacity environment," McCall.
EasyJet said its fuel bill in the first six months of the 2014 financial year was likely to be between £20m and £30m higher than during the same period a year earlier. EasyJet said its fuel bill in the first six months of the 2014 financial year was likely to be between £20m and £30m higher than the same period a year earlier.
The airline has sold more than a quarter of seats in the first half of the year ending 30 September 2014, in line with the previous year.
EasyJet will publish its full-year results on 19 November.
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