Easyjet stocks soar as profits rise 27%

<p>Easyjet stocks have soared as the airline’s profits climb by 27.9 per cent.</p>

Shares in Easyjet have soared on the London Stock Exchange (LSE) this morning (November 20th) on news the carrier's pre-tax profits for the year ending September 30th rose by 27.9 per cent to £317 million.

Furthermore, pre-tax profit margins expanded by one percentage point to 8.2 per cent in spite of a £182 million increase in unit fuel costs.

Total revenue per seat grew by 5.9 per cent to £58.5 thanks to improved load factors, careful capacity targeting and improvements to Easyjet as a leading budget airline.

As evidence of its confidence regarding its position within the market, the Easyjet board proposed to increase dividends from 10.5p to 21.5p for the year ending September 2012, so the company's success will benefit shareholders.

Carolyn McCall, Easyjet chief executive, commented: "These results demonstrate that Easyjet is a structural winner in the European short-haul market against both legacy and low cost competition."

At 11:05 GMT today, Easyjet was 6.6 per cent higher on the LSE to 696.00p per share.

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