easyJet’s Financial Performance Results in a Profit at Year-End 2022-23

easyJet’s financial performance in the 12 months up to 30th September 2023 resulted in a profit according to its latest financial report released on 28th November. The pre-tax profit made by the company at year-end was 455 million pounds which was significantly better than the 178 million pound loss made by the company in the 12 months up to September 30th 2022. So as one can see on the whole easyJet’s financial performance over the year has significantly improved when compared to the previous year and from a year-end perspective is back in the black.

easyJet’s financial performance however has not always been optimistic as like many airlines the company has suffered during the pandemic. When Covid struck governments around the world restricted international travel which meant that demand for flights slumped. To make matters worse, once the pandemic restrictions were lifted more problems ensued as the subsequent surge in demand for flights and the lack of staff meant that there was mass congestion at airports leading to flight delays and cancellations. This occurred because many staff had been laid off during Covid when there was less work. easyJet was however one of those airlines that voluntarily took the initiative and reduced flight numbers due reduce congestion before airports themselves introduced mandatory restrictions for all airlines.

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The situation has not been easy for airlines in general. © easyJet

easyJet’s Revenue and Costs

In terms of easyJet’s revenue (total money received), the company made 8.171 billion pounds in the 12 months up to 30th September 2023 which was 41.6% higher than the 5.769 billion pounds revenue made in the previous year. This shows that the improvement in easyJet’s financial performance resulted from a significant increase in popularity from customers. In addition the fact that profit increased more significantly from loss to profit means that cost control on the whole has improved.

According to the report, It does appear however that fuel costs have increased for easyJet but not due to an increase in fuel prices. The price of fuel actually became lower over the year however because of the fuel hedge deals (deals to provide certainty and minimise variations in fuel price)  struck at the beginning of the financial year, the cost paid was actually more than the previous year. In addition more flights took place and there was higher fuel consumption as flights were carrying more passengers. Finance costs have however reduced for the airline as interest rates on investments have increased and debts have reduced.

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easyJet’s debts have reduced. © easyJet

The Company’s Response

Johan Lundgren, the company’s Chief Executive Officer described easyJet’s financial performance as being at record levels for the summer and that demand for their network remains strong. He has a positive outlook for the coming year and is confident about the future and opportunity ahead.

As one can see easyJet’s financial performance has improved considerably in the 2022-23 financial year when compared to the year before with the company being back in the profit zone at year-end. This is therefore good news for the company. We have to wait to see how this progresses.

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Amuthan Chandrarajan
Amuthan Chandrarajan
Aviation Reporter - Amuthan has a background in residential and commercial real estate. He also has a keen interest in aviation and travel and has visited many countries. Amuthan has a sound knowledge of business and finance.  He has gained a Master of Business Administration and has become a Chartered Management Accountant. 
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