Jet2.com owners smash £1bn revenue milestone
THE owners of Jet2.com, the Dart Group, have smashed records in the first half of the year, reaching more than £1bn in revenue.
The Dart Group, which also includes logistics business Fowler Welch, said that revenues for the six months to 30 September 2015 had reached £1.02bn, up from £905m in the same period last year.
Pretax profits have doubled to £146m this half year, from £71.7m in 2014.
Chief executive of the Leeds-based group, Philip Meeson, did warn that increased losses are to be expected in their second half as the company invests in the expansion of its leisure travel business.
Jet2.com flew a total of 4.53m passengers in the six months to 30 September 2015, a decrease of 2% on 2014, which the firm said was down to a “backdrop of careful seat capacity management”.
This year the group, which employs 700 people in Leeds, also announced a £1.70bn deal with Boeing to procure 27 new Boeing 737-800NG aircraft to be delivered between September 2016 and April 2018.
A landmark ruling from the Supreme Court in July means that Jet2.com have had to set aside an exceptional provision of £17m for historical flight delays.
Chairman and chief executive Mr Meeson said: “The increase in Group operating profit reflects consistently strong summer trading in our Leisure Travel business coupled with our Distribution & Logistics business performing ahead of last year.
“However, increased losses are to be expected in the second half of the year as our expanding Leisure Travel business invests in additional aircraft, advertising and people in readiness for the summer 2016 season.”
