Commentary on March 03 stats

easyJet PLC
07 April 2003

Commentary on March passenger statistics

March passengers up 32.2 %, half-year passengers up 39.6 %

March was the end of the first half of easyJet's financial year.   On a proforma
basis, assuming a combined easyJet and Go Fly business last year, this half year
saw a 37.7% increase in sectors flown and a passenger load factor of 82.2%,
compared to 81.1% last year.

Lower fares stimulated a 39.6% growth in passengers.  Overall, the average fare
of £37.44 for the six months was 10.7% lower than last year.

The impact of these lower fares has been reduced by aggressive cost control.
While the benefits of a strong focus on costs has been felt during the first
half year, the full effect of many initiatives will not be felt immediately.
For example, the closure of the Stansted telephone reservation centre.

In the expectation that March would be affected by the timing of Easter (which
falls in April this year), the preparation for and the onset of hostilities in
Iraq, and the sale of additional seats at lower fares to lift the load factor of
the Go Fly network closer to the easyJet network level, easyJet consciously
promoted passenger volumes over fare levels.

Notwithstanding the onset of hostilities, easyJet is still carrying
significantly more passengers than it did one year ago.

During the closing days of March a one-week sale commenced to test Europeans'
willingness to travel over the forthcoming summer.  (This mirrors easyJet's
decision to run seat sales after the events of 9/11.)  The sale confirmed that
easyJet can generate a strong consumer response despite a difficult market
environment.

Historically, easyJet has usually shown a loss in the first half of the
financial year and has generated the majority of its profits in the last quarter
of the financial year.  The loss in this half year will be exacerbated by the
timing of Easter and the weakness in fares.  Although current forward bookings
are robust, the overall profile of the last quarter's revenue, and hence the
full year outcome, will not become apparent for at least several months.

easyJet continues to believe that its business model is robust and that it is
well placed in the current environment to grow the business in line with its
stated strategy.


                      This information is provided by RNS
            The company news service from the London Stock Exchange