Jet2 profits leap 19% despite £14m cost of wildfires, flooding and ATC chaos

Jet2 financial results
By Linsey McNeill
23/11/2023
Home » Jet2 profits leap 19% despite £14m cost of wildfires, flooding and ATC chaos

Jet2 Group’s pre-tax profit leaped 19% to £617 million for the six months to the end of September.

Around £14m was wiped off due to the wildifires in Rhodes, flooding in Skiathos and the National Air Travel Services failure this summer.

Announcing its interim results, the Group said it would, as usual, make a loss over the winter months, but it is on course to make an annual profit of £480m to £520m for 2023/24.

Bookings for the winter have been ‘a little slower in recent weeks’, it said, but it insisted that ‘pricing to date remains robust’. However, its capacity is 21% higher than last winter, giving it 4.49m seats to sell, and load factors have dipped 1.3 percentage points.

Summer 2024 is ‘encouraging’ in terms of both bookings and prices, said Jet2, which has increased capacity by 12% year-on-year to 17.19m. Load factors are up 2% on 2023, it added.

The percentage of Jet2’s customers taking a package holiday last summer compared to 2022 rose almost five percentage points to just over 70%.

CEO Steve Heapy said: “We are pleased to have delivered another strong financial performance during the first half of the financial year, despite the well-publicised external challenges faced. 

“This clearly demonstrates that our end-to-end package holiday is a popular and resilient product and is the right product for price conscious customers.”

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