Business
Trading Update for Six Months ended 31 March 2021
Trading Update for Six Months ended 31 March 2021.
About this update from Easyjet Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3685V\n easyJet PLC\n 14 April 2021\n \n \n \n \n 14 April 2021\n \n \n \n \n \n easyJet plc\n \n \n ('easyJet')\n \n \n \n \n \n easyJet Trading Update for the Six Months ended 31 March 2021\n \n \n \n \n \n easyJet's H1 2021 results are slightly better than expectations and it maintains significant liquidity while also delivering Q2 cash burn better than guidance.\n \n \n easyJet is encouraged by the strong vaccination rollout in the UK and expects the European rollout to pick up pace in the coming weeks, so is looking forward to taking customers on a long-awaited holiday this summer.\n \n \n \n \n \n Summary\n \n \n easyJet has operated a disciplined flying programme over the winter months whilst continuing to deliver a major restructuring and cost reduction programme. As a result, \n easyJet expects a\n first half headline loss before tax in the range of £690 to £730 million, which is slightly better than expectations\n . The effects of the cost-out programme will support improved margins and reduce seasonality for the future. \n Our capacity forecasting has been accurate and disciplined throughout the pandemic, which has allowed for strong cost control. \n Our focus on cash generative flying over the winter season has minimised cash burn, with cash burn in the second quarter better than guidance.\n \n \n As at 31 March 2021 easyJet has unrestricted access to c.£2.9 billion of liquidity\n having raised over £5.5 billion since the beginning of the pandemic1, and is well positioned to capitalise on the recovery of travel once restrictions are eased across the network. \n \n \n easyJet has maintained a high level of operational flexibility to respond to rapidly-changing travel restrictions. We will continue to operate a reduced schedule throughout much of Q3 but are ready to ramp up our operations to match the level of demand we see in the market.\n \n \n \n \n \n Johan Lundgren, CEO of easyJet, said:\n \n \n \n \n \n \n \"\n \n \n \n easyJet has maintained a disciplined approach to flying during the first half of our financial year, resulting in a first half loss and cash burn better than expectations. We continue to have access to significant levels of liquidity alongside easyJet's major cost-out programme which ...