EasyJet’s pre-tax loss for fiscal 2021 reduced, revenue plummeted due to Covid-19 – Update – .

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EasyJet PLC said on Tuesday that its pre-tax loss for fiscal 2021 had narrowed, exceeding market expectations thanks to cost cuts and that it expected to recover further in the new year, although incomes have fallen.

The British low cost airline said that for the fiscal year ended Sept. 30, its pre-tax loss was 1.04 billion pounds (1.38 billion pounds) compared to a loss of 1.27 billion pounds for fiscal 2020, and the consensus of a loss of 1.13 billion pounds based on seven analyst forecasts from FactSet. EasyJet said its restructuring of its cost base has led to line-by-line cost savings across all areas of its business, with further cost savings underway.

The company said it made £ 100million in non-media gains in the year, up from £ 438million in non-media costs the year before.

The adjusted pre-tax loss – a key metric for the airline, which excludes one-off items and other one-off items – was £ 1.14bn, up from a loss of £ 835m the previous year and the consensus of a loss of £ 1.16 billion, taken from FactSet and based on estimates by 11 analysts.

Revenue rose to £ 1.46bn from £ 3.01bn in 2020 as the coronavirus pandemic hit passenger numbers. Analysts polled by FactSet were expecting a turnover of £ 1.45 billion.

The company said total revenue per seat fell 7.0% to £ 50.54 from £ 54.35 a year earlier.

The total number of passengers fell 57.5% to 20.4 million. The airline said its load factor fell 14.7 percentage points to 72.5%.

The airline said it plans to fly at around 65% of its pre-pandemic capacity for fiscal 2019 in the first quarter of fiscal 2022. By the crucial fourth quarter of summer, it expects to have returned to near FY 2019 levels.

The company added that while it was too early to see how the Omicron variant of the coronavirus will affect travel to Europe and restrictions in the short term, it has braced for a period of uncertainty. He said he saw some slowdown in business for the first quarter of fiscal 2022, but saw good booking levels for the second half.

Write to Joe Hoppe at [email protected]

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