UK budget carrier easyJet's revenue increased by 80% to almost £2.7bn in the first half of the financial year (H1 2023) to March 31.
The airline recorded a pre-tax loss of £411 million for another 80% year-on-year improvement. The reported non-headline loss came to £4 million, an improvement on H1 2022 loss of £12 million.
Passenger revenue came to almost £1.8bn, a 78% jump, with revenue per seat up 42% to over £46. Ancillary revenue climbed 83% to £940 million as the carrier's holiday offerings became better known.
The number of passengers carried increased by 41% to 33.1 million, which was driven by a 25% increase in seats flown to 37.9 million seats and a 10.2 percentage point increase in the load factor to 87.5%.
Costs excluding fuel and foreign exchange increased by 40% to £2.3bn, due to "an increase in capacity flown, industry wide inflationary pressure, the rapid growth of easyJet holidays and resilience actions taken in preparation for summer 23" Fuel costs doubled from 330 million to £773 million.
The carrier said inflation continued to "impact the cost base, within airports, navigation and staff costs and the 10-percentage point increase in load factor seen during the period which impacts per passenger charges within airports".
During H1 2023, easyJet repaid a €500 million bond, leaving it with a net debt position of around £200 million, with cash and cash equivalents and money market deposits of £3.5bn.
The carrier said its "total fleet", or fleet, [was] comprised [of] 328 aircraft, up eight on the end of September 2022. The increase followed the delivery of five new A320neo aircraft and the leasing of three mid-life A320s.
The carrier said it has an "agreed order book" of 130 A320neo aircraft and 33 A321neo aircraft, taking in orders announced in mid-2022.. The airline reminded investors of its "contractual commitment to lease 11 further mid-life A320 aircraft, for delivery between now and Q1 FY24".
Chief executive Johan Lundgren said the company expected its holiday business "to deliver full year profits of more than £80 million as it continues its rapid growth in the UK alongside its entry into the European package holiday market".
"All of this progress should result in the acceleration in the delivery of our medium-term targets while we continue to also capture the opportunities ahead. This includes the addition of a new base in the UK, in Birmingham, which will not only provide more choice and connectivity for consumers but also the creation of hundreds of jobs," Lundgren added.