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    EZJ   GB00B7KR2P84

EASYJET PLC

(EZJ)
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Real-time Estimate Quote. Real-time Estimate Cboe Europe - 12/02 10:20:53 am
529.8 GBX   +2.28%
09:18aToday on Wall Street: Volatility remains high
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easyJet : UK's easyJet to open new base in Portugal's coronavirus-battered Algarve

10/08/2020 | 10:27am EST
FILE PHOTO: EasyJet restarts its operations amid the coronavirus disease (COVID-19) outbreak at Gatwick Airport, in Gatwick

LISBON (Reuters) - British airline easyJet said on Thursday it would open a new base in Faro, the main city in Portugal's popular Algarve tourist region, which has been hammered by the economic fallout from the COVID-19 pandemic.

Joao Lopes, easyJet's executive director in Portugal, told reporters the airline would allocate three aircraft to Faro next year, making it the company's third base in the southern European nation. It already has bases in Lisbon and Porto.

EasyJet hopes to operate 17 international routes to and from Faro between March and October 2021.

Lopes said easyJet wanted to "be able to react as soon as the recovery starts (...) and reinforce tourism in Algarve", a region well known among British tourists for its beaches and golf courses.

Last year, Portugal received about two million Britons, with 64% of them going to the sunny Algarve. So far in 2020, only about 100,000 Britons have arrived in the region.

EasyJet has been badly hit by the pandemic, warning on Thursday its first ever annual loss could be as much as 845 million pounds as it was flying just 25% of planned capacity.

Lopes said the new base in Faro would create around 100 local jobs.

"We want to avoid 2021 being a year of losses, as 2020 was, and it may be the first year of recovery," Lopes said. Economy Minister Pedro Siza Vieira said easyJet's investment in Faro was important, especially "at a time air transport is going through the greatest crisis in history".

(Reporting by Sergio Goncalves; Editing by Catarina Demony and Mark Potter)

By Sergio Goncalves


© Reuters 2020
All news about EASYJET PLC
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Financials
Sales 2021 1 444 M 1 923 M 1 923 M
Net income 2021 -905 M -1 205 M -1 205 M
Net Debt 2021 974 M 1 297 M 1 297 M
P/E ratio 2021 -2,99x
Yield 2021 -
Capitalization 3 916 M 5 215 M 5 215 M
EV / Sales 2021 3,39x
EV / Sales 2022 0,95x
Nbr of Employees 14 000
Free-Float 84,3%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 518,00 GBX
Average target price 747,80 GBX
Spread / Average Target 44,4%
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Managers and Directors
Johan Peter Lundgren Chief Executive Officer & Director
Kenton Jarvis Chief Financial Officer
Robert John Orr Barton Non-Executive Chairman
Stephen Alan Michael Hester Chairman-Designate
Sam Kini Chief Data & Information Officer
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