EasyJet cuts fourth-quarter loss

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By Linsey McNeill
12/10/2021
Home » EasyJet cuts fourth-quarter loss

EasyJet’s fourth quarter loss was reduced by more than half year-on-year after it sold 58% of its 2019 capacity.

The airline saw a stronger performance on intra-European and UK domestic routes, although demand for international flights from the UK continued to be impacted by Government restrictions.

It expects its loss for the full year to the end of September to be between £1.14bn and £1.18bn.

EasyJet said it sees positive momentum carried into next year, with bookings for the first six months up 100% year-on-year.

It expects capacity over the next three months to be up to 70% of normal levels. After the recent relaxation of travel restrictions in the UK, it has added an extra 100,000 seats, with a focus on winter sun destinations.

CEO Johan Lundgren said: “During the quarter easyJet significantly ramped up its flying which meant we were the second largest airline operating in Europe this summer while also halving our Q4 losses versus last year.

“We are encouraged to see positive booking momentum into FY22 which has led us to increase our capacity plans for Q1 to fly up to 70% of 2019 levels.

“It is clear recovery is underway. Business travel is returning to easyJet with corporates and SMEs attracted by our value, network and approach to sustainability.

“We have seen city breaks beginning to return alongside growing demand for leisure travel from customers looking for flights and holidays to popular winter sun destinations including Egypt and Turkey.

“October half term bookings have been strong, particularly to the Canary Islands where we have increased our capacity to c.140% of FY19 levels. 

“Having successfully completed our rights issue and strengthened the balance sheet, we will take advantage of strategic investment and growth opportunities to deliver strong shareholder value.”

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