EasyJet Posts Headline Loss In FY20; Revenue Down 52.9% - Quick Facts

easyJet Plc (ESYJY.PK,EZJ.L) reported a pretax loss of 1.27 billion pounds for the year ended 30 September 2020 compared to profit of 430 million pounds, previous year. Loss per share was 264.9 pence compared to profit of 87.8 pence. Group headline loss before tax was 835 million pounds compared to profit of 427 million pounds. Headline loss per share was 178.1 pence compared to profit of 87.8 pence.

Fiscal year total revenue decreased by 52.9% to 3.01 billion pounds as capacity was severely reduced by 47.5% to 55.1 million seats as a result of COVID-19. Passenger revenue decreased by 54.0%. Passenger numbers for the year ending 30 September 2020 decreased by 50.0% to 48.1 million.

The Group announced that following discussions with the Bank of England and HMT, it is planning to extend borrowing under the COVID Corporate Financing Facility. The proposed extension will lead to a staggered repayment profile with 300 million pounds repaid in March 2021 and 300 million pounds in November 2021.

Johan Lundgren, easyJet Chief Executive said: "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 pounds in liquidity to date."

easyJet expects to fly no more than approximately 20% of planned capacity for the first quarter of fiscal 2021. Capital expenditure for financial 2021 is anticipated to be around 600 million pounds.

The board is not recommending the payment of a dividend in respect of the year to 30 September 2020 due to the loss incurred in the year.

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