Jun 24, 2020

EasyJet looks to raise £450m with share placing

The budget airline announced the placing, representing almost 15 per of cent of its share capital, on Wednesday alongside its half-year results. Passenger numbers in the period fell by 3m, or 7.4 per cent, and the group reported a pre-tax loss of £353m, compared with £272m for the same period in 2019. Last month, easyJet announced it would cut up to 30 per cent of its workforce, equivalent to about 4,500 jobs. Total revenue across the group increased 1.6 per cent to £2.38bn. The equity placing will "Further enhance easyJet's liquidity position, credit metrics and already strong balance sheet", he said. The company said it reduced operating cost cash burn by 70 per cent during the grounding period, and reduced capital spending by deferring deliveries.

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