EasyJet Expects Annual Headline Pre-tax Loss Of GBP 845 Mln

easyJet Plc. (ESYJY.PK,EZJ.L) expects to report a group headline loss before tax in the range of 815 million pounds to 845 million pounds for the financial year 2020.
It expects group headline loss for the fourth-quarter to be lower than the loss in the third-quarter.

easyJet carried more than nine million customers during its fourth quarter.

The company said its board will not recommend the payment of a dividend in respect of the year to 30 September 2020.

easyJet expects to fly about 25% of planned capacity for the first-quarter of 2021, citing current travel restrictions. It remains focused on cash generative flying over the winter season in order to minimise losses during the first half.

easyJet noted that it has taken swift and decisive action to raise more than 2.4 billion pounds in cash since the beginning of the Covid-19 pandemic, from a diversified range of funding sources including debt and equity.

The company noted that around 50% of the fleet remains unencumbered, following the conclusion in August of the 608 million pounds sale and leaseback program. easyJet expects to have 337 aircraft in the fleet as at end October.

easyJet said it will continue to review its liquidity position on a regular basis and will continue to assess further funding opportunities, including sale and lease backs, should the need arise.

The company said it will publish its full results for the year ended 30 September 2020 on 17 November 2020.

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