easyJet today published its full year results of the financial year ending 30 September 2020. The airline announces an annual loss of €1.4 billion (£1.27 billion), the worst financial result in the 25-year history of easyJet.
Johan Lundgren, CEO of the airline, says to have responded decisively and robustly to face the (coronavirus) challenges of 2020. With a large restructuring program, the airline was able to reduce costs and cash burn in order to minimise losses.
For the first quarter of 2021, easyJet expects to fly just 20% of its planned capacity but remains flexible to ramp up when demand returns.
Despite the heavy loss, however, Lundgren remains hopeful for the future of the airline: “we will bounce back strongly. Certainly with the recent news of a possible COVID-19 vaccine roll out.”