Profits soar at Jet2

LEEDS-BASED airline and freight operator Dart Group, owners of Jet2.com, has more than doubled pre-tax profits to £104.2m.

In the year to 31 March 2016 the company increased pre-tax profits by 159% from £40.2m last year.

Revenues also took off, rising 12% to £1.4bn.

Dart Group said this was down to the performance of its leisure arm, including Jet2.com and Jet2 Holidays, with higher margin package holidays which it says continue to outperform the market.

Jet2.com flew 6.07m passengers over the year, up from 6.05m last year, whilst Jet2 Holidays served 1.22m customers, an increase of 22%.

In 2015 Jet2.com announced an agreement with Boeing to purchase a total of 30 aircraft, new Boeing 737-800NG planes to supplement its existing fleet.

Logistics division Fowler Welch also improved this year, with pre-tax profits rising by £2.1m to £5.4m this year, with low fuel costs being carried over to customers.

Chairman Philip Meeson said: “The current financial year has started well in both our Leisure Travel and Distribution businesses.

“Although we were disappointed at the result of the recently held referendum on whether the UK should remain in the EU, we are confident that our customers will need our specialist food distribution services and will be keen to travel from our rainy islands to the sunspots of the Mediterranean, The Canaries and to European Leisure Cities.

The Board is recommending a final dividend of 3.10p per share (2015: 2.25p) bringing the final dividend to 4.00p per share.