easyJet “strongly positioned” to spearhead recovery of European airline industry
Budget airline easyJet has claimed it has an “unparalleled foundation” from which to rapidly expand when demand for flights resumes.
In its results for the year ending 30 September 2020, the airline has raised over £2.4bn in liquidity to offset the effects of the COVID-19 crisis and subsequent travel restrictions.
The firm, which saw its total revenue drop by 52.9 per cent, hopes that its ‘strong’ cash position and flexibility will position it as a leader in the recovery of European air travel once demand begins to increase.
Johan Lundgren, easyJet chief executive, commented: “I am immensely proud of the performance of the easyJet team in facing the challenges of 2020.
“We responded robustly and decisively, minimising losses, reducing cash burn and launching the largest Cost Out and restructuring programme in our history - all while raising more than £3.1bn in liquidity to date.
“easyJet has not only withstood the impact of the pandemic, but now has an unparalleled foundation upon which to emerge strongly from the crisis. Our unmatched short haul network and trusted brand will see customers choose easyJet when returning to the skies.
“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.”
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