Meeson to step down as Jet2 chair as firm posts 40% growth
Philip Meeson has announced his intention to step down as executive chair of Jet2 as the aviation firm posted unaudited revenues of £5bn – 40% higher than its pre-pandemic figures in 2020.
Meeson acquired Jet2 in 1983, when the firm was a small cargo airline distributing flowers grown in the Channel Islands to UK markets, and returning with freight. He oversaw the company’s listing on the London Stock Exchange in 1988, and its growth into a leading leisure business.
He will continue as non-executive chair until a successor is appointed.
Meeson said, “I am extremely proud of the business I and colleagues have developed over the past 40 years and have huge respect for the newly enlarged board and the outstanding management team that over recent years has built up Jet2holidays to become the largest package holiday provider in the UK, together with Jet2.com, the UK’s third largest airline. Jet2holidays is a well trusted UK leisure travel brand with a great in-house airline, which together – through our unwavering commitment to our customers and the ethos of ‘People, Service, Profits’ – have created a leading family friendly holiday product. I therefore remain confident in the outlook for the group, but I am conscious of my age and the need to plan an orderly succession. I remain committed to Jet2 and will support my successor and the management in any way I can.”
The unaudited preliminary results for the year to end March, posted by Jet2 today, show operating profits to £394m, a a 34% increase over 2020 results as consumer confidence in travel rebounded in the wake of Covid lockdowns. The group posted a full-year loss of £324m for 2022.
It flew more than 16m passengers, a 234% increase over 2022, with an average load factor of 91%. In March it received the first of an order of 98 Airbus A321/A320neo aircraft, and recently announced plans to operate at Liverpool John Lennon Airport in 2024, its 11th UK base.
On the results, Meeson said, “The positive progress reflects the decisions made in late 2021 to retain over 8,000 loyal colleagues throughout the pandemic, recruiting and training in good time for summer 2022, making early and substantial marketing investments and giving meaningful salary increases to all colleagues. It also demonstrates the robust and sustainable nature of our business model.”
Though passengers had suffered delays in summer as a consequence of widespread disruption in the aviation sector, including long queues at airport security and bottlenecks in baggage handling, “we were very proud that Jet2.com earned the accolade of being the only UK airline not to cancel a flight during July and August 2022,” Meeson added.
