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8easyJet plc Annual report and accounts 2015
Chairman’s letter
JOHN BARTON, CHAIRMAN
Continuing to deliver
Returns to shareholders
Last year the Board announced its policy to increase the
dividend payout ratio to 40% of profit after tax, in line with the
broader market. After another successful year we are pleased
to recommend a dividend for the year of 55.2 pence per share,
an increase of 22%.
People
As always, our people have again made a significant contribution
to the success of the business. I would particularly like to thank
those on the front line, who sustained high standards of
customer service throughout the year. We continue to dedicate
resource to attracting the right people for the business and
in the development and retention of our existing employees.
It is the strength of our people that will enable us to meet
our ambitious objectives for the future.
On the Board, we have recently welcomed Andrew Findlay as
our incoming Chief Financial Officer, joining the Company on
2 October 2015. I would like to thank Chris Kennedy for his
significant contribution to the successful growth of the Company
in the last five years and wish him success in the future.
Conclusion
We believe that our business model and strategy will deliver
long-term value to shareholders. Our clear focus is to fulfil our
customers’ needs via a network of airports, routes, frequencies
and slots that is unrivalled in European short-haul aviation. This,
combined with our fleet expansion plans, gives us a significant
opportunity for future profitable growth and increasing shareholder
returns. We look forward to another 20 years of success.
JOHN BARTON
Non-Executive Chairman
DEAR SHAREHOLDER
Reflecting another year of growth, I am pleased
to report that your Company has delivered
record profit for the fifth year in a row, with
profit before tax up 18% to £686 million.
Celebrating 20 years as a business
easyJet celebrated its 20th birthday in November 2015. It is
remarkable how far we have come in this short period of time.
We have grown to become the second biggest short-haul airline
in Europe, carrying almost 70 million passengers a year and we
are now an established FTSE 100 company with £4.7 billion of
revenue. Over the 20 years we have retained our entrepreneurial
spirit and maintained our focus on providing customers with
excellent service at a reasonable cost, the main reason for
our success.
Strategy
Our strategy remains focused on delivering market-leading
innovation in customer service, whilst establishing a network
of routes and frequencies that benefit from strong demand.
We continue to see a number of opportunities to grow in a
profitable and disciplined way and our announcement of an
agreement with Airbus to take delivery of an additional 36
A320 aircraft will help us to capitalise on these.
There have been several regulatory developments in the year.
We are engaging with the European Union to address efficiency
in a new EU Aviation strategy, including overall regulatory
structure, air traffic control, regulated airports, levies and
taxation. We were pleased with the Airports Commission’s
final report in July recommending that the Government expand
its aviation capacity in London. We are also encouraged to see
the Government engaging on Air Passenger Duty, against a
backdrop of evidence that clearly indicates that an increase
in air passenger traffic is a contributor to economic growth.