easyJet to scale back growth plans if economic conditions worsen

easyJet Profile

Speaking at the Company’s Annual General Meeting in Luton, Sir Colin Chandler, Chairman of easyJet plc, said: “The Board will continue to monitor capital expenditure plans and conserve the Company’s cash. As part of this essential process, efforts continue to dispose of the aircraft held for sale at the year end but obviously there are no assurances that this will happen before the end of the current financial year given the current macro climate. More importantly, fleet planning decisions will be made by the Board prudently, on the basis of the trading outlook, as updated on a monthly basis and general macro-economic conditions. These decisions will be made in respect of the current fleet plan, which was published in the Report and Accounts and in the recent Interim Management Statement. Naturally this fleet plan for 2010 of 185 aircraft and 2011 of 197 aircraft may change if the macro environment worsens in the next 3 to 6 months and given the lead-time for building aircraft.”

“Undoubtedly, there will be challenges in the coming year as the consumer environment weakens but easyJet is well-positioned relative to the competition and benefits from an experienced and capable senior management team. We continue to strengthen the Board and I am delighted to welcome Keith Hammill to the Board as Non Executive Director. Keith brings a wealth of experience and I am sure that he will be a worthy successor to Dawn Airey who has retired from the Board due to her commitments at Channel 5.”

“We have begun the search for my replacement as I approach my 70th birthday. We shall report further over the coming year. It has been very satisfying over the past 6 years as Chairman to see easyJet develop into a truly pan-European airline operating the premier European air transport network.

At easyJet we truly believe that people make the difference. The commitment and enthusiasm of our crew is a key part of why easyJet ranks ahead of competitors in the perceptions of our customers across Europe and my fellow directors and I continue to be very grateful for all the efforts of all our people.”

(C) Centre for Asia Pacific Aviation. Date posted: 06-Feb-09


For in-depth analysis of the low cost airline sector worldwide, subscribe now to the peerless Peanuts! Weekly


 

Other easyJet News

• easyJet gives new flexibility to get disrupted passengers home
• easyJet commits to more routes from JLA
• easyJet launches three new business routes from Manchester
• EasyJet fleet expansion supported by pilots from Oxford and Parc Aviation
• easyJet Annual General Meeting 2010 chairman's statement
• easyJet launches Starbucks coffee on all flights
• easyJet selects WorkBridge
• easyJet plc announces the appointment of a new Group Finance Director
• easyJet announces new holiday packages to Israel, Cyprus and Croatia
• easyJet serve up post Xmas Turkey bringing great start to JLA’s New Year