easyJet results don’t lift sentiment

FTSE 250 budget airline EasyJet (LON:EZJ) saw its share price drop by 3.19% to 752.80p (as of 13:55 GMT) as passenger numbers halved during the year ended 30th September. Load factors fell by 4.3 percentage points as the company cut capacity sharply, but cost per seat increased markedly despite a major cost-cutting programme.

CEO Johan Lundgren commented: “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.

“easyJet has not only withstood the impact of the pandemic, but now has an unparalleled foundation upon which to emerge strongly from the crisis. Our unmatched short haul network and trusted brand will see customers choose easyJet when returning to the skies.

“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.“