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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap EasyJet profits surge 70%, plans first dividend AFP - Wednesday, November 17 Send IM Story Print EasyJet profits surge 70%, plans first dividend LONDON (AFP) - – British no-frills airline easyJet posted soaring annual profits Tuesday and unveiled plans for its first ever dividend, highlighting the aviation sector's recovery after the financial crisis. EasyJet said profit after tax jumped to 121.3 million pounds (143 million euros, 194 million dollars) in the 12 months to September 30, up from 71.2 million pounds in 2008-09, as it flew more passengers. Profits would have been higher had the airline not been hit by costs of 27.3 million pounds linked to the Icelandic volcanic ash cloud disruption, the airline said in an earnings statement. EasyJet, which is 15 years old, said it would pay its first dividend in January 2012 and increase its fleet by 24 aircraft to 220 by 2013. "EasyJet is strongly positioned to take advantage of the continuing profitable growth opportunities in European short-haul," recently-installed chief executive Carolyn McCall said in the earnings statement. The company said it aimed to drive revenue via more business travellers, adding that it "now feels that the time is right to set in place a formula to trigger a dividend payment in years when the company is profitable." McCall became chief executive earlier this year after months of boardroom turmoil at EasyJet. She stepped down as head of the Guardian Media Group, replacing Andy Harrison. Prior to her appointment, top easyJet executives had clashed with the airline's founder Stelios Haji-Ioannou over the carrier's growth strategy. Stelios, who is also easyJet's biggest shareholder, has long called for a dividend, saying the airline's rapid growth strategy was flawed. The carrier's share price dropped 4.0 percent to 453 pence in London trade on Tuesday despite the strong profits and dividend announcement. EasyJet last month settled a legal dispute with Stelios concerning use of the company's brand. Stelios' company easyGroup IP Licensing (EGIP) had claimed that easyJet had breached the terms of a branding licence agreement, specifically by increasing its income from non-ticket revenues beyond an agreed 25 percent of total sales. EasyJet's right to the brand will last for 50 years, with a minimum commitment from the airline lasting 10 years, in return for an annual royalty payment to Stelios of 0.25 percent of the group's revenue. The payment is fixed at 3.9 million pounds and 4.95 million pounds for the first two years. Stelios has meanwhile lost the right to appoint himself chairman of easyJet, while easyGroup no longer has representation on the easyJet board. Recommend Send IM Story Print News Search Top Stories EU in talks with IMF as Irish bailout looms Pilgrims stone 'devil' as Muslims celebrate Eid France warns of deadly diabetes drug GM hikes the price of landmark stock offering Boeing keeps 787s grounded as fire probe continues More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Greece admits breach of bailout terms as audit begins Prince William to marry Kate Middleton next year Oil will run out 100 years before new fuels developed: study US truck dealer triggers buying spree with free AK-47s Heavy smoking in pregnancy linked to crime in offspring More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France EU fines 11 airlines 800 million euros for air cargo cartel 'Naked' airport scanners may be 'dangerous' Be fit, have fewer colds: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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