British low-cost airline EasyJet today outlined plans to raise an estimated £90m sterling towards a major expansion drive in Europe.
The Luton-based operation will offer new shares as it looks to take over routes vacated by other airlines in the wake of the US terrorist attacks.
EasyJet is to issue 26 million new shares, while founder and chairman Stelios Haji-Ioannou will reduce his stake with the sale of 13 million shares.
The moves came as EasyJet announced better than expected financial results, with an 82% lift in pre-tax profits to £40.1m in the year to the end of September.
The airline flew 7.1 million passengers during the period - an increase of 26% on last year - while 86% of tickets were sold via the Internet.
Chief executive Ray Webster said the company was cautiously optimistic about its prospects in the coming months.
The airline generated revenues of £356.9m, an increase of 35% on a year earlier. Non-ticket sources, including credit card booking fees and commissions from hotel and car hire bookings, raised £11.8m.
But EasyJet was hit by higher fuel costs, up 40% to £47.1m, and more expensive airport charges, up 67% at £39.6m.
