Even if there’s delayed take-off for Covid vaccines, the budget airline has options
If vaccines and vaccination programmes save next summer’s European holiday season, budget airlines are back in the game. And shareholders would enjoy a bonus if a pick-up arrives in time for Easter. So one can see why easyJet’s share price has improved 50% since the start of last week’s Pfizer frenzy.
But timing of the action is critical. The most revealing figure in the full-year numbers wasn’t the thumping £1.3bn pre-tax loss but the £651m of cash burned in the July-September quarter, which was only a modest reduction on the £774m that was torched in the previous three months.
