easyJet posts wider-than-expected headline fiscal 2021 pre-tax loss

©easyJet

easyJet Plc (easyJet) has posted a wider-than-expected headline loss for the fiscal year 2021 which the low-cost carrier has put down to the continued disruptive effect of the COVID-19 pandemic. The Luton, UK-based airline flew 58% fewer passengers compared to the prior-year period at 20.4 million. Total revenue declined by 52% which easyJet attributed to the first half of the prior-year period being relatively unaffected by the pandemic, though the company remains optimistic that it will reach pre-pandemic capacity by 2023.

For the year ending September 30, 2021, headline loss before tax widened to £1.14 billion from a loss of £835 million in the prior year. Reported loss before tax was £1.04 billion compared to a loss of £1.27 billion, last year. Total revenue decreased by 52% to £1.46 billion from £3.01 billion, the previous year. Passenger revenue decreased by 57% to £1.00 billion.

easyJet anticipates flying approximately 65% of 2019 capacity levels in the forthcoming first fiscal quarter with loads expected to be over 80%. Second fiscal-quarter capacity is projected to be approximately 70% of second-quarter 2019 levels. easyJet currently projects that fourth-quarter capacity will have recovered to roughly fourth-quarter 2019 capacity levels. The Board did not recommend the payment of a dividend in respect of the year ended 30 September 2021. The dividend policy will be reviewed by the Board during fiscal 2022.

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