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23 NOVEMBER 2020

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Article from BTNews 23 NOVEMBER 2020

EasyJet massive loss Jet2 falters

Budget airline easyJet lost £1.27bn in the financial year to the end of September – the first annual loss in its 25-year history.

The full year results reveal that revenue fell 52.9% to £3bn amid coronavirus travel restrictions. Passenger numbers over the period fell 50% to 48.1m.

EasyJet reiterated that it expected to fly no more than 20% of planned capacity in the first three months of 2021, although it said it "retained the flexibility to rapidly ramp up capacity when we see demand return."

"We remain focused on cash generative flying over the winter season in order to minimise losses during the first half," the airline said.

The airline claimed it would not be appropriate to provide any further financial guidance for the 2021 financial year given the continued level of short-term uncertainty.

Despite falling into the red and cutting jobs over the period Johan Lundgren, the easyJet Chief Executive, struck an upbeat tone alongside the results: "EasyJet has not only withstood the impact of the pandemic, but now has an unparalleled foundation upon which to emerge strongly from the crisis. Our unmatched short-haul network and trusted brand will see customers choose easyJet when returning to the skies."

EasyJet, which has cut 1,300 UK-based jobs since the outbreak of the coronavirus, tapped shareholders for £419m when it placed shares at 703p earlier this year. The shares closed on Friday at 732p, half of the February peak figure.

www.easyjet.com

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