15 February 2024
Jet2 plc
("the Group")
Trading Update
Jet2 plc, the
Leisure Travel group, announces the following update
on trading.
Year ending 31
March 2024 (FY24)
Against a 20.5% increase in on sale seat
capacity, Winter 2023/24 forward bookings have performed well with
passenger sectors booked currently up by 17% and average pricing
for both flight-only and package holiday products robust. The mix
of higher margin per passenger package holiday customers is
slightly ahead of last Winter at approximately 60%, which is
particularly pleasing given the resurgence of City Breaks in this
period. With February and March 2024 bookings displaying similar
trends to recent months, plus the benefit of an extra day's flying
in February and an earlier Easter, we tighten and slightly raise
our guidance for Group profit before FX revaluation and taxation
for the financial year to between £510m and £525m (previously £480m
to £520m), which remains dependent on no material extraneous events
in the balance of the financial year.
Year ending 31
March 2025 (FY25)
On sale seat capacity for Summer 2024 is
currently 12.5% higher than Summer 2023 at 17.2m seats. Forward
bookings to date are encouraging, with average load factors 1.5ppts
ahead of Summer 2023 at the same point. Package holiday customers
are up by 17% with the package holiday mix of total departing
passengers at approximately 77% and in line with Summer 2023 at the
same point in the booking cycle.
As always, we have invested well ahead of the
summer season to ensure we have sufficient, fully trained resources
to operate with our normal high standards of customer care. We have
taken delivery of five new CFM powered A321neo aircraft from Airbus
in line with our agreed delivery schedule, with a further six
aircraft due to arrive before the end of FY25. These aircraft are
already demonstrating their strategic value to the Group in terms
of operating economics, reduced emissions and customer experience.
Our new Retail Operations Centre is now fully operational and our
Customers are seeing tangible benefits from much improved on-board
product availability. In addition, forward bookings for our new
Liverpool John Lennon Airport base where flying operations commence
on 28 March 2024 have been pleasing, reinforcing our view of the
meaningful opportunity across Liverpool, Merseyside and the wider
region. This will be our 11th UK base, providing
excellent geographic coverage across the UK.
Booking momentum is positive with hard-earned
holidays remaining a priority for our Customers, although as
previously announced the Group continues to see increases in input
costs including from hotel accommodation and changes to the EU
Carbon Emissions Trading Scheme, as well as planned investment to
enhance our technology systems and in our much valued colleagues in
line with our 'People, Service,
Profits' principles. Whilst pricing for Summer 2024 across
both our leisure travel products is currently showing an increase
compared to the same period last year, we remain mindful of the
current macro-economic and geo-political environments and how these
could impact future consumer spending.
Steve Heapy, Chief Executive Officer,
commented, "We are pleased with how the 2024 financial year is
ending and are encouraged by early bookings for Summer 2024. Whilst
recognising that there are many demands on consumer discretionary
incomes, we believe that our Customers cherish their time away from
our Rainy Island and want to be properly looked after throughout
their holiday experience. As a customer focused and much trusted
holiday provider, we remain confident they will continue to travel
with us to the sun spots of the Mediterranean, the Canary Islands
and to European Leisure Cities."
The Group will provide a further update in
April 2024 and will announce its Preliminary Results for the
year ending 31 March 2024 on 11 July 2024, which will include a
fuller outlook for the all-important Summer 2024 trading
period.
For further information, please
contact:
Jet2 plc
Steve Heapy, Chief Executive
Officer
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Tel: 0113
239 7692
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Gary Brown, Group Chief Financial
Officer
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Cavendish Capital Markets
Limited
Nominated Adviser
Katy Birkin
Camilla Hume
George Lawson
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Tel: 020
7220 0500
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Canaccord Genuity Limited
Joint Broker
Adam James
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Tel: 020
7523 8000
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Jefferies International
Limited
Joint Broker
Ed Matthews
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Tel: 020
7029 8000
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Buchanan
Financial PR
Richard Oldworth
Toto Berger
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Tel: 020
7466 5000
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Notes to Editors
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Jet2holidays
is the UK's largest package holidays provider
and Jet2.com is the UK's third
largest airline by number of passengers flown.
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Jet2
currently operates from 10 bases across the UK -
Belfast, Birmingham, Bristol, East Midlands, Edinburgh, Glasgow,
Leeds Bradford, London Stansted, Manchester and Newcastle.
Operations at Liverpool John Lennon Airport will commence in March
2024.
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