1 FEBRUARY 2021

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Article from BTNews 1 FEBRUARY 2021

EasyJet and Wizz results

Both easyJet and Wizz published their provisional fourth quarter results for 2020.  Both are listed on the London Stock Exchange, the figures are grim.

In the case of easyJet the Luton Airport-based carrier says it is burning through cash at nearly £6m a day.  It is only in the UK operating very limited services out of Gatwick, typically last Saturday single flights to Geneva and Malaga.

The airline has reported a loss “around £400m” for the period but chief executive Johan Lungren was bullish saying that he hoped that easyJet would fly more services for the Easter holidays and that the pent up demand for international flights among the public is strong.  “The majority of our fleet is in a flight-ready mode but we have to make the call on a rolling basis.”

The company had unrestricted access to about £2.5bn of liquidity at the start of this week, after it was boosted by a £1.4bn UK government-backed loan this month.

Wizz reported losses of £114m for the last quarter as passenger numbers and revenues both fell.  József Varadi, founder and chief executive, said that the recent £500m fundraising put the airline in a good position to deal with Covid-19 and that the carrier had enough cash to last it two years without flying a single passenger.

www.easyjet.com

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