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Now Stelios stirs it over easyJet growth
Robert Lea22.01.09
The ceasefire in the easyJet boardroom row between founder Stelios Haji-Ioannou and his fellow directors ended today as the airline's biggest shareholder once more warned chief executive Andy Harrison not to continue expanding during the recession.
The budget airline today reported stronger-than-expected Christmas-quarter trading with a 31% increase in revenues to £550 million, and insisted it will make a profit this year.
But while Harrison conceded that easyJet's all-important summer trading season looks uncertain, he told investors the airline will increase the size of its fleet by seven aircraft this year to 172, on the way to having 197 planes flying by 2011.
Stelios, who controversially refused to sign off easyJet's 2008 accounts over what he saw as overconfidence in the board's future assumptions, today took a thinly veiled swipe at Harrison's plans.
“We need to keep an eye on the costs,” he said. “Maintaining a flexible approach to the future size of the aircraft fleet over and above the 170 aircraft we have today will be key to continuing this good performance.”
