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EasyJet revenues slumps in Q1 as restrictions bite
StockMarketWire.com
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Budget Airline EasyJet reported a slump in first quarter revenue and said it expected second-quarter capacity of just 10% of the prior-year period as lockdowns continued to dent air travel activity.
For the three months ended 31 December, revenue fell 88.4% to £165 million year-on-year as number of flights slumped 83.3% following an 87.1% reduction in the passengers.
The load factor fell 25.6% to 65.7%.
'The European slot waiver mechanism in place for this winter enables us to best match our capacity against the lower demand that currently exists,' the company said.
'Discussions are underway by both the European Commission and the UK regarding a revised slot waiver for the summer 2021 season,' it added.
Looking further ahead, the company said holidays for 'winter 2021/22 were launched in December and experiencing very positive demand.'
Bookings for summer 2021 were 'currently significantly ahead of last year, although it is evident that many customers are looking for further certainty around quarantine rules prior to booking,' it added.
Story provided by StockMarketWire.com
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