easyJet has revealed it expects to report a bunch headline loss earlier than tax within the vary of £815 to £845 million for monetary 2020.
The determine might fall to round £440 when non-headline gadgets – together with hedging, a restructuring programme, impairment of short-term lease contracts and good points from sale and lease again transactions – are thought-about.
Last outcomes might be issued in mid-November, with no dividend anticipated.
Johan Lundgren, chief government of easyJet, mentioned: “Originally of this yr, nobody might have imagined the impression the pandemic has had on the business.
“easyJet has tailored and risen to the challenges offered by the pandemic by taking decisive actions to minimise losses, bolster liquidity and scale back money burn whereas launching a serious restructuring programme, having accomplished the UK session and commenced consultations in a lot of key nations.
“All through now we have taken a really prudent and conservative strategy to capability and this disciplined strategy has seen us ship a greater than anticipated money burn final result in quarter 4 and can see us proceed to deal with worthwhile flying over the winter season with a view to minimise losses and money burn throughout the first half of 2021.”
He added: “Primarily based on present journey restrictions we count on to fly round 25 per cent of deliberate capability for quarter one among 2021 however we retain the flexibleness to ramp up capability shortly after we see demand return and early reserving ranges for summer time 2021 are consistent with earlier years.”
Passenger numbers for the complete yr on the low-cost service decreased by half, to 48 million, consistent with a lower in capability of 48 per cent to 55 million seats.
Load issue for the complete yr will lower by 4.three proportion factors to 87 per cent.
Capability within the fourth quarter was 38 per cent of beforehand deliberate ranges, with easyJet flying 9 million passengers throughout the interval with a load issue of 76 per cent.
Lundgren added “Aviation continues to face probably the most extreme risk in its historical past and the UK authorities urgently must step up with a bespoke bundle of measures to make sure airways are in a position to assist financial restoration when it comes.
“easyJet got here into this disaster in a really sturdy place because of its sturdy steadiness sheet and constant profitability.
“This yr would be the first time in its historical past that easyJet has ever made a full yr loss.”
