easyJet annual profits surge

16th Nov 2010 07:59

No-frills airline easyJet said full year profit surged nearly threefold on rising consumer demand and cheaper fuel. The group also announced it would pay its first dividend in 2012.For the year ended 30 September 2010 pre-tax profit surged to £154m from £54.7m the year before. This includes £27.3m of costs resulting from volcanic ash disruption. Total revenue increased 11.5% to £2.97bn.Passenger numbers were up 7.9% to 48.8m and load factor increased by 1.5ppt to 87%. Fuel costs fell by £122.7m or 9% during the year.Commenting on the results, chief executive Carolyn McCall said, "easyJet is strongly positioned to take advantage of the continuing profitable growth opportunities in European short-haul.""This combined with margin improvement through a tight focus on costs and accessing new revenue opportunities, means that easyJet is poised to continue the strong operating cash generation of the past few years," she added.