EasyJet set to announce £380m in losses following grounding

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British budget airline easyJet is set to announced losses of up to £380m for the first half of its financial year after its entire fleet was grounded due to the coronavirus pandemic.

The airline is guaranteed to suffer significant losses over fuel costs, as the company had already bought jet fuel for its planes prior to the outbreak.

Experts forecast that the airline’s pre-tax losses for the six months to the end of March will reach between £360m and £380m.

CEO Johan Lundgren said: “At this stage, given the level of continued uncertainty, it is not possible to provide financial guidance for the remainder of the financial year.

“However, we continue to take every step necessary to reduce cost, conserve cash burn, enhance liquidity, protect the business and ensure it is best positioned for a return to flying.”

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