City briefs: Jet2 and DFS
Leeds-headquartered leisure travel group, Jet2, says its summer 2023 on sale seat capacity of 15.26m seats has remained consistent with that reported in its preliminary results on 6 July, of 15.29m seats.
The group notes this figure is 7.3% higher than summer 2022.
Jet2 adds the months of July and August experienced strong late booking momentum with September currently showing a similar trend. And it notes winter 2023/24 forward bookings are also encouraging.
In its Annual General Meeting statement published today, the group states: “Although there is still some way to go in the Leisure Travel winter booking cycle, based on current visibility and having absorbed approximately £13m of cost and lost margin from the Rhodes wildfires and the recent NATS air traffic control failure, we’re on track to exceed current market expectations for group profit before foreign exchange revaluations and taxation for the year ending 31 March 2024.
“The outcome is presently expected to be in the range of £480m to £520m.”
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Doncaster-headquartered retailer, DFS, has completed a new £200m Revolving Credit Facility (RCF) and £50m issue of US Private Placement (USPP) notes.
Together, these replace the existing £215m RCF.
The £200m RCF which has been agreed with existing banking partners, will mature in September 2027 and includes an option to extend a further 16 months subject to lenders’ agreement.
DFS says the terms of the RCF are in line with the previous £215m facility and are consistent with those applicable to the £50m USPP notes. The notes will mature in September 2028 (£25m) and September 2030 (£25m).
John Fallon, chief financial officer, said: “The successful renewal of our lending facilities is a strong positive endorsement of the confidence the group maintains with our long term banking partners and the wider credit market.
“It provides additional liquidity over the longer term as well as flexibility to pursue all our strategic objectives.”
