BREAKING NEWS: EasyJet Suffers Massive Losses

EasyJet suffers losses of £1.27 billion amid new coronavirus lockdown.

EasyJet passenger numbers have fallen by 50% over the course of the year, falling from 96.1 million to 48.1 million in total. Between March and June, the airline also grounded its entire fleet. The Low-cost carrier has reported pre-tax losses of £1.27 billion for the year to September 30, its the first loss the company has reported in the airline’s 25-year history.

Chief executive Johan Lundgren said, quote: “While we expect to fly no more than 20% of planned capacity for Q1 2021, maintaining our disciplined approach to cash generative flying over the winter, we retain the flexibility to rapidly ramp up when demand returns. We know our customers want to fly with us and underlying demand is strong, as evidenced by the 900% increase in sales in the days following the lifting of quarantine for the Canary Islands in October.  We responded with agility adding 180,000 seats within 24 hours to harness the demand.”

To survive the pandemic so far, EasyJet has raised over £1billion from sale and leaseback deals for its aircraft, taken a £600million loan from the government, cut 4,500 jobs, and asked shareholders for £419 million pounds – while warning it could need to do more. He hailed the news about the possible imminent vaccine but refused to give any statement on the outlook because conditions remained so volatile.

Along with other airlines, EasyJet has been battered by repeated changes to travel restrictions to and from various countries which is having the impact of putting people off flying altogether.

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Written by

Tony Winterburn

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