EasyJet Slashes Dividend As Annual Profit Falls 17%

Carolyn McCall the CEO easyJet attends an'Inspiring Women speed networking event for 100 girls from state secondary schools in Lancaster House

Pre-tax profits at easyJet slumped 24pc to £385m past year, despite a record 80.2m travellers choosing to fly with the budget airline.

EasyJet cut its proposed ordinary dividend per share by 12.9% to 40.9p, in line with its policy of a pay-out ratio of 50% of headline profit after tax, which came in at £325mln.

Revenue trends in the first quarter of the new year have been "encouraging", primarily as a result of some capacity leaving the market, easyJet said.

Revenue rose 8.1 per cent from the same time previous year to £5bn, but pre-tax profits dropped 17.3 per cent to £408m.

Headline profit after tax in the recently-ended financial year declined over 30% to GBP305.0 million from GBP437.0 million.

Pre-tax profits fell 17% to £408m after what it called a "difficult year".

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EasyJet Plc predicted a gain in prices this winter after earlier forecasting a decline as the collapse of rivals including United Kingdom -based Monarch Airlines Ltd. removes excess capacity in some of its biggest markets. The budget airline took 80 million passengers over the course of the year - a growth of 8.5 percent.

Earlier this month, the carrier announced Tui's Johan Lundgren will take over in December from McCall when she departs for ITV.

In the latest set of financial results before outgoing chief executive Carolyn McCall leaves the company, easyJet added the turmoil experienced by some of its main competitors over the last few months had proved beneficial.

Going forward, easyJet said that it was planning to grow capacity by around six percent for the 2018 financial year.

In October easyJet agreed a deal to acquire part of Air Berlin's operations at Tegel airport for €40bn (£35.4bn) and it is also bidding for some of Alitalia's business.

It expects £100mln in one-off non-headline costs associated with the deal, due to the "parallel ramp up of a dry lease operation, including fleet conversion and staff recruitment and training costs, as well as transaction costs".

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