Easyjet waits for IAS clarification
Easyjet, the budget airline, has said that it will not publish results under international accounting standards until the new rules are completely clear.
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The UK’s low-cost air carrier, said on Tuesday that the adoption of the new financial reporting regime would mark a ‘substantial change’ in its accounts and processes, as it revealed revenues were up 17% to £1bn.
FD Chris Walton told Accountancy Age: ‘We are well advanced. We made a conscious decision to get on and be prepared, although we convert one year later than other companies. We have the luxury of one extra year, but we haven’t sat on our laurels.’
But the company hasn’t yet released into the public domain any concrete figures under IFRS because the new accounting rules ‘are still changing. Until we have clarity, we won’t publish any figures,’ said Walton.
Easyjet also announced it would not be an early adopter of IAS39.
The company reported a 21% rise in pre-tax profits to £62.2m for the year ended 30 September 2004, on revenues up 17% to £1.09m. Chief executive Ray Webster said the results reflected the ‘resilience’ of Easyjet in ‘challenging market conditions’.