EasyJet Revenue Up 10.5% In Third Quarter

Low-cost carrier EasyJet has seen a quarterly rise in revenues due to increased passenger numbers and higher fares.

Revenue climbed 10.5% to £1.142bn in the three months to the end of June compared with a year earlier, the airline said in a statement.

Passenger numbers grew 2.6% to 16.4 million and seat capacity was boosted by 3.6%.

EasyJet added that it expects profit before tax for the 12 months to the end of September of between £450m and £480m - up from £317m in 2011/12.

In early Wednesday trading on the FTSE 100 easyJet shares were up 6.8%.

"EasyJet is performing strongly, driven by a combination of management initiatives and a benign capacity environment for easyJet in 2013," chief executive Carolyn McCall said.

She said 73% of seats had been booked for the second half of its fiscal year.

The firm's shareholders earlier this month voted by majority in favour of the airline's deal to buy 135 Airbus single-aisle A320 passenger planes, despite objections from founder Sir Stelios Haji-Ioannou.

Sir Stelios, who is easyJet's biggest shareholder, had described the purchase as a "bad deal" owing to the high cost.

EasyJet announced the transaction last month, which includes an agreement to buy 100 new generation Airbus neo aircraft.

It said at the time that it had negotiated "very substantial" discounts on the combined list price of $11.9bn (£7.7bn).

Industry sources told AFP that easyJet may end up paying only half the amount.

Airlines including British Airways owner IAG, Lufthansa and Air France-KLM are slashing jobs and shelving growth plans as they grapple with soaring jet fuel prices and a weak economies, leaving gaps that budget carriers like easyJet have been quick to exploit.

EasyJet recently launched an air route between London and Moscow, as it continues to spread its network.

Sir Haji-Ioannou last year launched the first pan-African no-frills carrier, fastJet, while he and his family still own almost 37% of easyJet.

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