Jet2 to post almost £400m profit as holiday firm revises target figures
The low-cost airline and holiday firm saw shares rise after it hailed ‘encouraging’ summer bookings.
Jet2 has said it is set to post almost £400 million in profit for the past year as it upgraded its targets for the second time in three months.
The low-cost airline and holiday firm saw shares rise after it hailed “encouraging” summer bookings.
It told shareholders on Thursday that it expects to record a profit before tax and foreign exchange revaluation of between £387 million and £392 million for the past year to March.
Jet2 said it will benefit from increased passenger numbers with seat capacity for this summer about 7.2% higher than last year, at 15.26 million seats.
The group added that “forward bookings to date remain encouraging” with over three-quarters of bookings represented by package holiday customers.
Nevertheless, the firm remained somewhat cautious over its profit outlook for the new financial year.
In a statement, the firm said: “We are pleased with the current position, but with the new financial year having only recently commenced, the continued threat of summer European air traffic control disruption, and over 40% of the summer 2023 season plus the majority of winter 2023/24 still to sell, it is too early to provide definitive guidance as to group profitability for the financial year.
“We remain confident that with our customer focused approach and right product for these tougher times, our customers will continue to be keen to travel with us from our rainy island to the sun spots of the Mediterranean, the Canary Islands and to European leisure cities.”
It comes after rival EasyJet reported a loss before tax of £415 million for the six months to the end of March on Tuesday.