2 September 2010

A mixed message from airlines

02/11/2004

There's been plenty of news flow to intrigue transport sector followers this month. FTSE 100 airports operator BAA encouraged some with September traffic figures, showing passenger numbers up 5.4 per cent compared with the previous year. Its seven UK airports handled 13.1 million passengers during the month, and during the first half of the financial year passenger numbers were 7.5 per cent higher at 77.5 million. Analysts also appreciated upbeat news on North Atlantic traffic, despite hurricane-related disruption in the Caribbean and southern United States. Ray Webster, chief executive of easyJet, unveiled some decent passenger statistics for September, with the number of 'earned seats' flown soaring 25 per cent higher to 2.35 million. Webster said September was a 'solid' month, typified by a one per cent up-tick in the load factor, and reiterated that profits for the year to September would exceed £60 million, a 16 per cent improvement on 2003. However, the shares hit turbulence as investors focused on industry woes – frighteningly high fuel costs, cost cuts and cut-throat competition – leaving the shares trading at 124p, down from a 380p 52-week peak. Elsewhere, air charter broker Air Partner (see Company Profile, page 10) pleased with strong figures for the year to 31 July, lifting profits almost 30 per cent to £3.71 million and earnings per share by 31 per cent. But troubled Minorplanet, the vehicle fleet telematics play, issued another profits warning following poor September sales. Valued at almost £100 million a year ago, today the company is worth just £7.5 million.

Sector: General Industrials

Companies: BAA , , Air Partner , Minorplanet Systems (suspended on 8 June, 2010)

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