Robust customer demand ensures buoyant results for Jet2
Leeds-headquartered leisure travel group, Jet2 plc, has seen its profits and revenues rise in its unaudited interim results for the half year ended 30 September 2023, despite domestic and overseas disruption.
Revenues were up 24% to £4.4bn (2022: £3.6bn) and pre-tax profits up 47% to £660.6m (2022: £450.7m)
The group’s operations were directly impacted by the broader disruption caused by the National Air Traffic Services (NATS) failure, Rhodes wildfires and flooding in Skiathos which resulted in about £14m worth of lost profitability.
Steve Heapy, chief executive officer, said: “We are pleased to have delivered another strong financial performance during the first half of the financial year, despite the well-publicised external challenges faced.
“This clearly demonstrates that our end-to-end package holiday is a popular and resilient product.
“We remain confident that as a customer focused and much trusted holiday provider, our customers will continue to travel with us to the sun spots of the Mediterranean, the Canary Islands and to European leisure cities and that we can continue to deliver on our long-term strategy to be the UK’s leading and best leisure travel business.”
Jet2 adds it maintains a robust financial position, characterised by a strong balance sheet and ample liquidity.
Looking ahead, Jet2 says its current seat capacity for summer 2024, at 17.19m seats, is about 12% higher than summer 2023. It adds that bookings and pricing at this early stage are “encouraging”.
The group notes losses are to be expected in the second half of the financial year, as it continues to invest in additional aircraft, marketing and retaining increasing numbers of staff through the winter months to ensure operational resilience ahead of next summer.