easyJet’s first half 2018 passenger numbers increased by 3.0 million to 36.8 million, including 0.7 million from easyJet’s new Berlin Tegel operations launched in January. Capacity increased by 7.8% as easyJet grew its existing network by 4.6% and added an additional 1.2 million seats at Tegel. Load factor grew by 0.9 points to 91.1% (91.9% excluding Tegel).
Total revenue increased by 19.5% to £2,183 million (H1 2017: £1,827 million). Total revenue per seat increased by 10.9% to £54.10 (H1 2017: £48.80), with an increase of 8.3% at constant currency. Ex-Tegel flying revenue per seat increased by 12% to £54.64 and by 9.5% at constant currency, at the upper end of previous guidance easyJet’s business model and strategy are underpinned by sector leading balance sheet strength, with a net cash position at March 31, 2018 of £665m (31 March 2017: £353m).
Headline Profit before tax excluding Tegel was £8 million, a £220 million improvement on H1 2017 (H1 2017 loss £212m). Total headline loss before tax was £18 million, an improvement of £194 million. Total loss before tax of £68 million for the six months ended 31 March 2018 (H1 2017 loss £236m) principally reflecting non-headline costs associated with the one-off integration of Tegel operations and the sale and leaseback of ten A319 aircraft.
