Home Business NewsBusinessAviation EasyJet will make their first annual loss of over £800m

EasyJet will make their first annual loss of over £800m

by LLB Finance Reporter
8th Oct 20 2:56 pm

Budget airline easyJet have warned that they are to have losses of more than £800m for 2020 which is their first loss in 25-years of history.

The budget airline expects that they will fly at just 25% of normal capacity for the rest of this year and 2021.

Chief executive Johan Lundgren said, “Aviation continues to face the most severe threat in its history and the UK government urgently needs to step up with a bespoke package of measures to ensure airlines are able to support economic recovery when it comes.”

The airline has cut 4,500 jobs, raised £608m from selling aircraft, had a £600m bailout loan from the government and shareholders were tapped for £419m.

EasyJet said that they will “continue to review its liquidity position on a regular basis and will continue to assess further funding opportunities, including sale and lease backs, should the need arise.”

According to Sky News on Wednesday easyJet warned the government they will now need further financial support.

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