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26 JULY 2021

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Article from BTNews 26 JULY 2021

EasyJet financial progress

Luton-based easyJet is ramping up August capacity but is remaining cautious as majority shareholder but non-board member Stelios Haji-Ioannou remains quiet.

EasyJet said in a statement that it will operate 60% of its pre-pandemic flights July through September, as the UK Government permits more travel flexibility for vaccinated passengers.

The airline had operated just 17% of its 2019 capacity in the third quarter, or three months to June.

The airline said it was capitalising "on the opening-up of travel in continental Europe and the easing of restrictions for the fully vaccinated in the UK “emerging from the pandemic transformed."

EasyJet announced last Tuesday (20 July) that its pre-tax losses fell 8.2% to £318.3m in its third quarter from a year earlier, thanks partly to tight cost controls.

Revenues surged to £212.9m, up from just £7.2m last time around.

Passenger numbers increased to almost three million.

"During this quarter we have successfully managed through the continued challenges of the pandemic, using our operational responsiveness to capture demand while focusing on cost control and minimising cash burn," said Chief Executive Johan Lundgren.

"So, while we know the road to recovery from the pandemic isn't going to be a straight line, we are ready to compete using these new-found strengths with everything we have learned, leaving a long-term, positive imprint on the airline, transformed ready for the post-pandemic era."

Back in January the airline noted it had unrestricted access to about £2.5bn of liquidity boosted by a £1.4bn UK government-backed loan.

The share price on Friday stood at 813p, down a little.  At its highest in June 2018 the price peaked at 1790p with the lowest point reached 475p April 2020.

www.easyjet.com

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Jeff singer, London

What will be interesting with easyJet is the next quarterly results. If it meets its promised 60% of its previous flights that will be a fine performance.


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