EasyJet’s income falls over 50% as Covid restrictions block journey plans
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LONDON – EasyJet’s sales were down more than 50% through September, the company said Tuesday after the coronavirus pandemic brought the travel industry to a standstill. The British airline only expected to fly around 20% of its planned capacity in the last three months of 2020.
EasyJet had sales of £ 3 billion for the full 2020 financial year, a decrease of 52.9% from the previous year.
The number of passengers fell by 50% over the same period due to home orders, quarantine policies and other restrictions related to Covid.
Other highlights of the year:
- Capacity decrease compared to 2019 by 45.7%.
- Sales reached £ 3 billion compared to £ 6.4 billion a year ago.
- Load factor reduced by 4.3 percentage points.
Despite the tough times for the company, EasyJet’s CEO said the company was on track to capitalize on a recovery period.
“We also know the brand’s appeal in terms of the trust it creates for customers and the value for money we represent provides a solid foundation and has a strong recovery when the recovery comes,” said Johan Lundgren, CEO of EasyJet CNBC’s Squawk Box Europe Monday.
EasyJet’s shares are down around 45% since early 2020.