EasyJet Records 52.9% Decrease In Revenue
EasyJet has released its results for the year that ended on September 30, 2020, revealing that its total revenue decreased by 52.9% year-on-year to £3.009 million during the period.
Meanwhile, the airline's passenger traffic decreased by 50% year-on-year during the 12 month period to 48.1 million passengers; its capacity decreased by 47.5%; and its load factor decreased by 4.3 percentage points to 87.2%.
EasyJet's reported loss before tax during the period was £1.273 billion.
During the same period in 2019, the airline made a profit of £430 million.
Additionally, easyJet's net debt increased from £326 billion to £1.1 billion, and the airline raised over £2.4 billion in liquidity during the period.
EasyJet said that, in light of the loss for the year, its board will not be recommending the payment.
Looking ahead, easyJet said that it expects to fly no more than c.20% of its planned capacity for the first quarter of financial year 2021 and that it expects its capital expenditure for the financial year to September 30, 2021, to be approximately £600 million.
The airline added that at this stage, given the continued level of short-term uncertainty due to ongoing COVID-19 pandemic, it would not be appropriate to provide any further financial guidance for the 2021 financial year.
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.