EasyJet (LON: EZJ) recorded its first full-year loss, sinking £1.2 billion in red.
The budget airline for the year, which ends September 30, saw passenger numbers between 96.1m and 48.1m amid travel restrictions and social distancing measurements.
EasyJet also said it would only fly 20% of the capacity in the first quarter of the next fiscal year.
Revenues ranged from 52.9% to £3 billion, with revenues down from £6.4 billion last year.
Commenting on the results, CEO Johann Landgren said:
“We are extremely proud of the performance of the EasyJet team in the face of the challenges of 2020. We have responded robustly and decisively, minimizing losses, reducing cash burns, and launched the biggest cost-out and restructuring program in history.
“EasyJet not only has endured the effects of the pandemic, but now has an unparalleled foundation that emerges strongly from the crisis. Our unparalleled short hauling network and trustworthy brands will see customers choose EasyJet when they return to the sky.
“We are hoping to fly under 20% of our planning capacity for the first quarter of 2021, and we maintain a disciplined approach to cash-generating flights over the winter, but will maintain the flexibility that will rapidly increase when demand returns.
“Customers want to fly with us and know that the underlying demand is strong, as evidenced by a 900% increase in sales over the days following the lifting of quarantine in the Canary Islands in October. We responded with agility to add 180,000 seats within 24 hours to capitalise on demand.”
Since the vaccine news, EasyJet stocks have skyrocketed, with reservations increasing 50% since the news.
EasyJet stock (LON:EZJ) is down 2.57% to 757,60 (0817GMT). Over the past month, stocks have risen from a low of 494,40.
