UK leisure carrier Jet2 is optimistic over its position for the upcoming summer season, following the close of its last financial year for which it expects a one-third rise in pre-tax profit to £515-520 million ($640-647 million).
The company says its summer 2024 capacity – which is over 12% higher than last year’s level – is 55% sold, with average load factor running slightly ahead.
Forward bookings for package holiday customers are up by 13%, it says, and there is “healthy” demand from flight-only passengers with bookings increasing by 18%.
While pricing has recently been “more competitive”, particularly for April-May departures, Jet2 says the pricing levels across its travel products has been showing a “modest” increase – enabling the company to mitigate higher costs.
Chief executive Steve Heapy says the “strong” financial results underline the company’s “resilience, flexibility and popularity”.
Jet2 says it still has to sell the remaining summer programme, as well as the majority of the winter season, and this means it is unable to provide profitability guidance for the current fiscal year 2024-25.
But it says it is “well set” for a “successful” summer, with the required number of aircraft as well as “sufficient, fully-trained resources” to support its flight schedule.
Jet2 has taken delivery of two more Airbus A321neos since February, giving the airline a total of seven, and another four are planned to arrive before the end of the fiscal year. The carrier has expanded its network to include a Liverpool base and a new base at Bournemouth is set to open in April 2025.
