Jet2 boss hits back at rival over collapse claims

THE chief executive of Yorkshire-based low-cost airline Jet2.com has hit back at claims by rival Ryanair that it will go bust this winter if oil prices remain at record highs.

Outspoken Ryanair boss Michael O’Leary said smaller low-cost airlines like Leeds Bradford Airport-based Jet2.com would face financial disaster if oil prices stay at $130 a barrel.

But Philip Meeson, chairman and chief executive of Jet2 lashed out at Mr O’Leary’s comments.

Mr Meeson said: “It won’t be Jet2.com.  I’m sorry Mr O’Leary – unlike you, Jet2.com has bought all its fuel for this summer, this coming winter and next summer at attractive rates. 

“And because people enjoy flying with Jet2.com, we are having a great year yet again. Our passengers can rely upon us for many, many years to come.”

Jet2.com operates flights to more than 40 European destinations from six UK bases: Leeds Bradford, Manchester, Newcastle, Blackpool, Edinburgh and Belfast International.  It most recently launched breaks to New York from Leeds Bradford through its package holiday subsidiary Jet2holidays.com

Mr O’Leary had named UK airlines Jet2 and Flyglobespan, Spanish firms Vueling and Clickair and Eastern European carrier SkyEurope as those which would be under huge pressure following the near doubling in oil prices from $70 a barrel last year.

Recent airline casualties of the increase in oil prices have been the business class-only carriers Maxjet, Eos and Silverjet.

Speaking after Ryanair revealed a 17% rise in pre-tax profits to £419m in the year to March 31, Mr O’Leary said the Irish airline would break even if oil prices remain at $130 but it would lose money if they rise further.

He said the airline would ground around 20 of its aircraft this winter as it looks to reduce the frequency of some of its flights.