LONDON — Revenue at EasyJet fell more than 50% in the year to the end of September, the company said on Tuesday, after the coronavirus pandemic brought the travel industry to a halt. The British airline said it was only expecting to fly about 20% of its planned capacity in the final three months of 2020.
EasyJet reported revenue of £3 billion for its full 2020 fiscal year, marking a drop of 52.9% from the previous year.
The number of passengers also sank by 50% over the same period on the back of stay-at-home orders, quarantine policies and other Covid-related restrictions.
Other highlights for the year:
- Capacity down by 45.7% from 2019.
- Revenue reached £3 billion vs £6.4 billion a year ago.
- Load factor down by 4.3 percentage points.
Despite the troubling times for the business, EasyJet's CEO said the company was on track to benefit from a recovery phase.
"We also know the attraction to the brand in terms of the trust it generates for customers, and also, the value for money that we represent gives a good foundation and bounce back strongly when the recovery comes," Johan Lundgren, EasyJet CEO, told CNBC's Squawk Box Europe Monday.
Shares of EasyJet are around 45% lower since the start of 2020.