Business
Trading Update for year ended 30 September 2021
Trading Update for year ended 30 September 2021.
About this update from Easyjet Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7225O\n easyJet PLC\n 12 October 2021\n \n \n \n \n 12 October 2021 \n \n \n \n \n \n easyJet plc\n \n \n ('easyJet')\n \n \n \n \n \n easyJet Trading Update for the year ended 30 September 2021\n \n \n \n \n \n easyJet sharply improves YoY headline loss in the quarter with a positive operating cash flow and forward booking momentum \n \n \n - Q4 headline losses decreased by more than half YoY with positive operating cash generated \n \n \n - Headline loss before tax for the year ended 30 September 2021 is expected to be between £1,135 million and £1,175 million compared to consensus of £1,175 million. \n \n \n - easyJet sees positive momentum carried into FY22 with H1 bookings double those of the same time last year. \n \n \n Summary\n \n \n During its fourth quarter easyJet flew 17.3 million seats, operating 58% of FY19 capacity with a stronger performance on intra-European and UK domestic routes, whilst demand for international routes from the UK continued to be impacted by UK Government travel restrictions. \n \n \n \n \n \n easyJet has maintained its disciplined approach to capacity and cash management which resulted in the generation of c.£40 million of operating cash during Q4. Net debt has reduced to c.£0.9 billion from £2.0bn at Q3, following the successful £1.2 billion rights issue, of which £90 million was received after 30 September 2021, coupled with Q4 operating cash generation. The capital raise also provides the airline with a solid platform for growth. \n \n \n \n \n \n Capacity is now expected to be up to 70% of 2019 levels in Q1. While intra-European demand led the recovery over the summer, the recent UK Government announcement to remove and relax restrictions and testing has created positive booking momentum into Q1. In response, the airline has added 100,000 seats for Q1, with particularly strong demand for winter sun destinations. easyJet expects capacity to continue to grow throughout FY22 and we will take quick and decisive action to capture additional opportunities alongside planned organic growth. \n \n \n \n \n \n Johan Lundgren, CEO of easyJet, said:\n \n \n \"During the quarter easyJet significantly ramped up its flying which meant we were the second largest airline operating in Europe this summer while also ha...