EasyJet has seen strong revenue pressures over the past six months as a result of the coronavirus crisis. This was announced by the British budget Company on Tuesday morning with preliminary figures.
In the last six months, which ran until 31 March, easyJet carried just 4.1 million passengers compared to 38.6 million a year earlier. easyJet flew at 14 percent of total capacity in 2019. As a result, sales fell by as much as 90 percent to 235 million pounds.
easyJet itself called the results somewhat better than expected. “easyJet maintains significant liquidity while also delivering a better than expected cash burn in the second quarter,” the airline said.
As of 31 March, the airline had access to £ 2.9 billion in liquidity, after easyJet raised about £ 5.5 billion since the beginning of the pandemic. The airline claims to be well positioned to benefit from the recovery of the travel industry, once network restrictions have been eased.
Cash burn amounted to approximately £ 470 million in the second quarter, which was better than easyJet’s pre-target.
“We welcome the UK government’s confirmation that international travel is on schedule and to resume travel as planned from mid-May,” said CEO Johan Lundgren in a statement.
Below the line remained a so-called headline loss before tax of 690 to 730 million pounds, whereas a year earlier this was a loss of 193 million pounds.
easyJet expects to implement 20 percent of total capacity in 2019 in the current quarter. The capacity will slowly increase again from the end of May, according to the airline.
On 20 May easyJet will present its final half-year figures.