easyjet reports increased full year profit

easyJet delivered a strong set of results with underlying profit before tax up by £60m to £248m for the full year, despite a £100m increase in unit fuel costs. This strong performance is due to firm control of costs, effective yield management, the strength of easyJet’s network and focus on customers. Return on Capital Employed (ROCE) improved by 3.9% points to 12.7%. Total revenue per seat was up 4.1% (3.4% at constant currency) to £55.27, as capacity investments made in FY’10 and the
first half of FY’11 matured combined with a strong performance from ancillary revenue, up 12.9% to £11.52 per seat following decisive management action in the second quarter. Passenger numbers rose 11.8% to 54.5m and load factor improved by 0.3ppt to 87.3%. Passengers originating outside of the UK now account for 56%, an increase of 3ppt compared to the prior year. The year saw strong operating cash generation of £424m, resulting in net cash of £100m as at 30 September 2011.