EasyJet looks to raise GBP450m with share placing

Easyjet is looking to raise up to GBP450m through a share placing that aims to shore up its finances in the face of deep losses during the critical summer season. The budget airline announced the placing, representing almost 15 per of cent of its share capital, on Wednesday alongside its half-year results. These cover the period to March 31, one day after the airline grounded all flights but even at this stage, the pandemic was already having an effect. Passenger numbers in the period fell by 3m, or 7.4%, and the group reported a pre-tax loss of GBP353m, compared with GBP272m for the same period in 2019. The loss was partly related to fuel hedging costs and seasonal factors — the airline usually runs at a loss in the winter months Johan Lundgren, CE, said the company had been “decisive in meeting the challenges presented by the pandemic by cutting costs” and had delivered a “strong performance” in the first half prior to the pandemic. <br/>