FX.co ★ EasyJet H1 Loss Narrows, Sees Positive FY24; Names Kenton Jarvis CEO, Succeeding Johan Lundgren

**easyJet plc First-Half Results: Loss Narrows, Revenue Rises**

easyJet plc (ESYJY.PK, EZJ.L) reported a significant improvement in its financial performance, with a first-half loss before tax of £347 million, compared to last year’s £415 million.

**Financial Performance**

The basic loss per share was 34.3 pence, an improvement from last year's 40.9 pence. The headline loss before tax stood at £350 million, better than the previous year's £411 million. The basic headline loss per share was 34.4 pence, down from 40.5 pence a year ago.

**Revenue Growth**

Total revenue surged by 22% to £3.27 billion, up from £2.69 billion, driven by increased flown capacity, strong pricing, and the continued success of ancillary products, including easyJet holidays.

**Operational Metrics**

The total airline revenue per seat rose by 5% to £69.87. Capacity increased by 12% to 42.3 million seats, compared to 37.9 million seats in the previous year. easyJet transported 36.7 million passengers in the first half of the year, marking an 11% increase as demand grew. The load factor slightly decreased to 86.7% from last year's 87.5%.

**Outlook for Fiscal 2024**

The company is optimistic about its performance for fiscal 2024, targeting a profit before tax of over £1 billion. easyJet plans to continue its growth trajectory into the 2025 financial year, focusing on boosting winter capacity to further reduce losses during the winter season.

**Leadership Transition**

In a separate announcement, easyJet revealed a succession plan for its CEO, Johan Lundgren, who will step down in early 2025 after seven years in the role. Kenton Jarvis, currently the CFO and a Board member since February 2021, will assume the CEO position. Jarvis will continue as CFO during the transition, and the search for his successor will begin shortly.

Sir Stephen Hester, Chair of easyJet, stated, "We are focused on executing the medium-term plan and related financial targets set out earlier this year and see Kenton as the ideal person to lead our executive team to that end. He has impressed since joining easyJet in 2021, is fully committed to the plan, and will hit the ground running."

easyJet remains committed to its growth strategy and financial targets, ensuring a robust leadership transition to support its ambitious goals.