Big loss

Big loss at easyJet. | Hannibal Hanschke

Majorca Daily Bulletin reporter17/11/2020 10:40
TW
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EasyJet's bookings jumped by 50% on the day there was positive news about a coronavirus vaccine, a brief respite during a pandemic which pushed the British airline to a 1.27 billion pound ($1.68 billion) annual loss, the first in its history.

European travel has been at very low levels for over eight months and easyJet's loss for the 12 months to the end of September showed the extent of the pandemic's impact on the airline.

But chief executive Johan Lundgren said that underlying demand for travel was strong.
"We know that down the line people want to travel. Just by the news of the vaccine, you know, last Monday bookings were up close to 50%," he told BBC Radio this morning.
EasyJet's shares rose 45% last week, helped by the vaccine news. Shares in the company were up 1.6% to 788 pence this morning in a release which Goodbody analysts said contained "no surprises....which can be taken well".

The pandemic has crushed easyJet's finances, forcing it to take on more debt, tap shareholders for extra cash and sell dozens of its aircraft, but Lundgren reassured investors on Tuesday.

"No, we think we're in a good position...at this moment in time," Lundgren said when asked if easyJet would need to raise more money.