EasyJet has set itself a medium term target of achieving annual pre-tax profits of more than £1bn.
The UK low fares carrier set the target in its latest trading update, which showed a strong performance over the first nine months of the year, showing an 8% year-on-year increase in passenger numbers.
For this year, EasyJet expects a group headline profit of between £440m and £460m, with its EasyJet Holidays arm contributing around £120m to that total.
Johan Lundgren, CEO of easyJet, said: “We have delivered a record summer with strong demand for easyJet’s flights and holidays with customers choosing us for our network, value and service.
“This performance has demonstrated that our strategy is achieving results and so today we have set out an ambitious roadmap to serve more customers and deliver attractive shareholder returns, underpinned by a continued focus on costs and operational excellence. Our new medium-term targets provide the building blocks to deliver a PBT greater than £1 billion. This will be driven by reducing winter losses, upgauging our fleet and growing easyJet holidays. As part of our commitment to shareholder returns, the Board intends to reinstate dividends commencing with the FY23 results.“
