Latest News From easyBuseasyBus posts FY10 profit after tax of £1.43 million20.06.2011 The bus operator is part of easyGroup and given the strong financial performance so far in FY2011, is eyeing a potential listing to fund European expansion. easyBus offers travellers on any airline a 24 hour high frequency express bus service between central London and Gatwick, Luton and Stansted Airports from just £2 one-way which is a substantial saving on what is offered by other coach and railway operators such as Gatwick Express at £15.95 one way. The company is based in its own premises on the North Circular Road at Park Royal called easyBus House. This is where the bus depot and repair facilities are housed and the company employs more than 120 staff. More jobs will be created as the fleet grows. Commenting on the results, easyBus founder Sir Stelios Haji-Ioannou, said: “In a tough economic climate where we’re witnessing record oil prices, increasing numbers of consumers are looking for alternative, low cost and environmentally friendly ways of getting to and from the airports. easyBus’ business model has proved that it is recession resistant! “One last task before IPO is for me to diversify the sources of supply for the future bus fleet by introducing another vehicle manufacturer alongside Mercedes Benz. The most likely candidates are Ford Motor Company and Volkswagen. Sir Stelios accelerates plans to drive easyBus across Europe31.01.2011 The Sunday Telegraph yesterday reported on the expansion plans for easyBus: Other parts of the UK not currently served are also under discussion. It is believed the business model for the continent will be largely the same as in the UK, with buses running from airports to major cities. As a result, it is likely he will be piggy-backing on routes flown by the low-cost carrier. The expansion will be funded in part by a potential stock market listing on London's junior Aim market, with plans to raise approximately £5m, giving the venture a rough valuation of some £20m. However, a listing, if it happens, is not likely until the start of next year. The Daily Telegraph reported last week that mid-market investment bankers Liberum Capital and Peel Hunt were being considered as possible advisers. This follows a beauty parade of around six banks in the Square Mile, which took place in the run-up to Christmas. Although no final decision has been taken as to whether or not to float the business – or fund the expansion from private sources – the news highlights the scope of his ambition for the brand. If it were to list, it would be only the second time that Sir Stelios has opted for the public markets as a funding mechanism, the first being with easyJet, which he founded in 1995 and listed five years later. It would be an interesting choice, given that the entrepreneur has not always had the easiest of times dealing with boards and public investors, and is protective of the "easy" brand. However it would mark a significant step up for easyBus, which was established in 2003, with a service between London and Milton Keynes, using Hendon Central underground station in north London as its terminus point in the capital. Today, the company promotes itself as the "probably the cheapest and most convenient way of getting" to and from London from Gatwick, Stansted and Luton airports. The company has transported more than 2.5m customers since the service began. It is understood that easyBus turned profitable last year, so there is no rush to raise money, other than to follow an expansion. A spokesman for easyBus declined to comment.
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