<p>A Jet2 Boeing 737 touches down at Manchester Airport</p>

A Jet2 Boeing 737 touches down at Manchester Airport

Jet2 predicts loss of £383m this year

Omicron variant ‘served to dampen customer confidence’, says travel company

Helen Coffey
Friday 08 April 2022 12:47
Comments

Jet2, the UK’s second largest travel group, is projecting that it has lost between £378m and £383m in the past year.

Although things are now looking up for travel - as restrictions ease and demand for holidays subsequently surges - the airline and tour operator was hit by the Omicron variant and accompanying international travel bans this winter.

This “served to dampen customer confidence”, the company said in its latest trading update for the year to 31 March, which shows it as having total cash of £2.23bn with an ‘own cash’ balance – excluding advance customer deposits – of £1.08bn.

However, the company is “confident” that “opportunities for financially strong, resilient and trusted operators will only increase”.

The relaxing of previously strict entry rules, both in the UK and abroad, is leading to an increase in bookings for both flights and package holidays – the latter representing a “materially higher” percentage of total bookings for this summer, up 12 per cent from 2019.

Jet2 said capacity for summer 2022 is up 14 per cent from pre-pandemic and that bookings are “encouraging”.

The company said in its report: “Pleasingly, progressive relaxation of UK travel restrictions in early 2022 – firstly, with the removal of pre-departure tests for vaccinated people travelling to the UK; and subsequently no longer having to take a post-arrival lateral flow test – resulted in bookings increasing materially with average load factors for February and March 2022 approaching seasonal norms as customer confidence in travelling internationally rallied.”

It comes amid a week of chaotic scenes at UK airports, as both easyJet and British Airways were forced to cancel hundreds of flights due to staff shortages.

BA’s flight cancellations on Friday 8 April totalled 68, while easyJet’s numbered 42.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in