easyJet PLC said bookings for next year are looking positive as it reported a hefty reduction in annual losses to £178mln from £1,136mln last time.
Total revenue increased by 296% to £5,769mln in the year ending 30 September 2022 from £1,458mln the year before, predominantly due to the increase in capacity flown and as ancillary products continue to deliver incremental revenue.
The budget airline operator said EBITDAR was a record £674mln in quarter four, up from £82mln last year, while the operational performance improved compared to pre-pandemic 2019 with fewer on day cancellations.
Passenger revenue increased by 282% to £3,816mln from £1,000mln last year, while revenue per passenger seat (RPS) increased by 32% to £46.80 as demand returned, with travel restrictions easing through the year.
Group ancillary revenue jumped by 326% to £1,953mln as capacity increased and as easyJet holidays continued its rapid growth.
Looking head, easyJet forecast quarter one RPS to be up more than 20% year-on-year with load factor growth of more than 10 percentage points in the period.
For the first half, capacity is forecast to be up 25% at around 38mln seats and this is expected to increase further in the second half of the year to 56mln seats. By quarter four capacity is seen at around pre-pandemic levels.
Johan Lundgren, easyJet's chief executive, said: “The summer saw easyJet achieve its highest ever earnings for a single quarter with headline EBITDAR of £674mln, ancillaries up by 59% on FY19 and easyJet holidays well on its way to its £100mln target.
"easyJet does well in tough times.
“Consumers will protect their holidays but look for value and across its primary airport network, easyJet will be the beneficiary as customers vote with their wallets.”