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LONDON, Feb 28 (Reuters) - British budget airline easyJet
warned on Friday it had seen a "significant" softening
of demand into and out of its northern Italian bases and a
reduction across its other European markets due to coronavirus.
As a result it will be cancelling some flights, it said,
particularly those into and out of Italy, while continuing to
monitor the situation and adapting its flying programme to
support demand.
easyJet also said it would seek cost savings across the
business to help mitigate the impact of the virus.
The airline said it was too early to determine what the
impact of the outbreak will be on its current year outlook and
guidance for both the airline and holidays business.
"We continue to monitor the situation carefully and will
update the market in due course," it said.
In the meantime it will focus on achieving operational
efficiencies and cost savings.
These include budget cuts in administrative areas and
discretionary spend, a freeze in recruitment and pay, the
postponement of non-critical project and capital expenditure,
and a halting of non-mandatory training.
easyjet also plans to reallocate aircraft for summer 2020 to
maximise revenue opportunities from any market recovery.
Shares in the airline, down 22% so far this year, closed
Thursday at 1,110 pence, valuing the business at 4.42 billion
pounds ($5.74 billion).
($1 = 0.7696 pounds)
(Reporting by James Davey; editing by Kate Holton and Costas
Pitas)
