Europe’s second-biggest low-cost airline, EasyJet has posted its first annual loss of £1.27 billion for the year ended 30th September 2020 occasioned by travel restrictions worldwide in a bid to curb the spread of the coronavirus.
For Q2 2020, the airline fell to a pre-tax loss of £325 million despite aggressive cost-cutting measures, after generating just £7 million in revenue over the three months ending June. Costs for the three months were £332.1 million, 79% lower than in the same period in 2019.
EasyJet is a British low-cost airline group with headquarters at London Luton Airport. It operates domestic and international scheduled flights on over 1,000 routes in more than 30 countries through its affiliate airlines; EasyJet U.K., Switzerland, and Europe.
The airline is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It employs nearly 15,000 people throughout Europe but mainly in the U.K.