Sky high fuel prices burned into the profits of Luton based airline easyJet in the year to September 30 but a resilient performance against the toughest of backdrops promises a surge back to normality in 2010.

The share price took only a slight knock as the profits hit had been flagged up but management – and the markets – saw enough to take heart.

Total revenue was 12.9 per cent ahead at £2.667 billion. The underlying profit of £43.7m compared to £123.1m last time and was hammered by a unit fuel cost increase equivalent to £86.1m and interest income down by £30.5m.

Chief executive Andy Harrison predicted some winter turbulence before easyJet assumed full cruise control. He said: “This is an extremely resilient performance making easyJet the best performing European airline based on our robust yields. We are one of the very few European airlines to make a profit during the last 12 recessionary months. This is a tribute to the strength of our business model and the quality of our people and our network.

“We see a tough winter ahead. We are focusing our efforts on further cost savings and efficiency improvements together with optimising route profitability and aircraft allocation.

“We shall also benefit as our fuel hedges adjust to market prices. Putting all this together, at current fuel prices and exchange rates we expect easyJet to make substantial profit improvement in 2010.”

easyJet gained market share in the year with passenger numbers growing by 3.4 per cent to 45.2 million and load factor improving by 1.4 percentage points to 85.5 per cent. It strengthened its position in a number of valuable markets, including Paris, Gatwick, Milan and Madrid, increasing its slots at constrained airports by more than 10 per cent.

The airline says it is making good progress towards its goal of operating a common aircraft fleet. Eliminating the Boeing and GB Airways sub-fleets would take cost out of the business and simplify operations, it said.