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EasyJet confirms cancellation of vast majority of winter fights as it announces first ever annual loss
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EasyJet announced this morning that it will operate no more than 20% of its flights during the first quarter as it posted a £1.27 billion loss for the year.
In its result statement this morning, it said revenues had more than halved for the year up to the end of September.
As a result of the ongoing pandemic, the airline said it would operate only up to 20% of its normal capacity in the first quarter of the year.
But in an upbeat statement, chief Executive Johan Lundgren 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."
He said the airline had withstood the impact of the pandemic and had ‘an unparalleled foundation’ upon which to emerge strongly from the crisis.
"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," he added.
"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.
"And last week we saw the welcome news about a possible imminent vaccine roll out.
"I would like to thank everyone at easyJet for their work which has left us well positioned and expecting to bounce back strongly."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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