Profits soar for Jet2.com’s owners despite warning of increased losses
The owners of Jet2, Dart Group, has reported a 36% increase in turnover for the first half of the financial year following a strong Summer season.
For the six months ending 30 September, Leeds-headquartered Dart Group saw revenues rise to £2.24bn compared to the £1.65bn achieved at the same time the previous year.
Pre-tax profits also soared 56% to £337.4m, and group profit before foreign exchange revaluation and taxation increased by 68% to £339.4m.
Dart Group comprises two businesses; Leisure Travel which includes Jet2.com and Jet2holidays, as well as the distribution and logistics provider, Fowler Welch.
In the first half of this financial year, Jet2.com flew a total of 8.93 million passengers, which is an increase of 25% on the 7.14 million who travelled with the airline during the same period in 2017.
Revenues at Fowler Welch also grew by 7% to £88.9m, with Dart saying that management is continuing to “focus on developing existing and new business opportunities.”
Going forward, Dart announced that increased losses are to be expected in the second half of the year due to significant investment in additional aircrafts and marketing, along with the increasing cost of retaining and attracting staff members for the summer 2019 season.
In a statement, Dart Group said: “Significant cost pressures such as fuel and other operating charges, plus the necessary continued investment in our products and operations including that required to retain and attract colleagues, are emerging headwinds.
“This, coupled with the overall uncertain UK economic outlook particularly related to Brexit and how it may impact on consumer spending, means we remain unclear how demand will develop in the medium term.”
