easyJet's revenue plunges 53% to £3B in 2020

Tuesday, 17. November 2020 08:09

British low-cost carrier easyJet plc said on Tuesday its revenue in fiscal 2020 plunged 53% compared to the previous year to land at £3 billion. Loss before tax amounted to £1.27 billion, plummeting 395.9% from profit before tax of £430 million in 2019.

The airline added its number of passengers slid 50% to 48.1 million and its capacity dropped by 47.5% in the year ending September 30 due to the COVID-19 pandemic.

CEO Johan Lundgren noted the company responded "robustly and decisively" to the challenges brought by the pandemic. "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," he added.

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Baha Breaking News (BBN) / NP