Monday, 30 November 2020

easyJet records annual financial loss for the first time ever

By  Nov 18, 2020

One of the largest low-cost airlines in the world has reported a financial annual loss for the first time ever.

easyJet has reported a loss before tax of £1.27 billion for financial 2020 as the Covid-19 pandemic caused havoc in the aviation industry.

The figure compares to a profit of £430 million last year, and represents the first full-year loss in the low-cost carrier’s 25-year history. Total revenue for 12 months decreased to £3 billion, down by 55 per cent from the £6.4 billion in the previous year.

easyJet saw passenger numbers decrease by half, with 48.1 million people travelling in the year to September 30th. Commenting on the results, Johan Lundgren, easyJet chief executive, said: “I am immensely proud of the performance of the easyJet team in facing the challenges of 2020. We responded robustly and decisively, minimising losses, reducing cash burn and launching the largest Cost Out and restructuring programme in our history - all while raising more than £3.1 billion in liquidity to date.”

 

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