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EasyJet says uncertain on full-year results date

EasyJet chief executive Johan Lundgren
EasyJet chief executive Johan Lundgren

EasyJet said the date of its full-year results was not confirmed, having previously said they would be published on November 17 before new lockdowns across Europe deepened the Covid-19 crisis for airlines. 

"The date of reporting our full-year results is not currently confirmed. We will update the market once a date has been confirmed," an easyJet spokeswoman told Reuters today. 

Even before new lockdowns were announced in England, France and Germany, EasyJet had been considering options to bolster its finances. 

Its balance sheet has come under increasing strain as a second wave of the pandemic stopped dead a recovery in travel. 

Any delay in publishing its results would add to investor uncertainty. 

The airline warned in October that it would make an annual loss of as much as £845m for the 12 months that ended in September. It said at that time it would publish results on November 17.

The airline's chief executive said over the weekend that it was considering options to bolster its finances, and is not against state support to help the airline get through the coronavirus pandemic. 

"We have a number of options of financing. We are reviewing that all the time," Johan Lundgren told Reuters in an interview ahead of the opening of a new airport in the German capital. 

"I am not against state aid," he said. "It is very clear that the crisis has been to that extent that you can't expect the industry and its players to cope with it all by themselves." 

With travel across Europe at very low levels, most airlines are bleeding cash, but EasyJet's finances have come under particular scrutiny amid media reports that it has signalled to the UK government it may need more financial support. 

To survive the impact of the pandemic, EasyJet has raised more than £900m from the sale and leaseback of aircraft, taken a £600m loan from the uk government, cut 4,500 jobs and tapped shareholders for £419m. 

Tightening coronavirus restrictions across Europe mean that EasyJet, which before the pandemic was the fifth biggest airline in Europe by passenger numbers, is planning to fly just 25% of capacity for the rest of 2020.