Jet2 reveals over 40% of summer ’23 capacity left to sell as it announces profits boost

Jet2holidays summer '23
By Linsey McNeill
20/04/2023
Home » Jet2 reveals over 40% of summer ’23 capacity left to sell as it announces profits boost

Jet2 announced it still has over 40% of summer ’23 capacity left to sell as it revealed that profits for the last financial year will be higher than expected.

The leisure group now believes its profit for the full year to the end of March 2023 will be between £387m and £392m.

It previously forecast a pre-tax profit of up to £385m.

However, in a trading update issued this morning, Jet2 said it was too early to say how profitable it would be this year.

“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 23 season plus the majority of winter 23/24 still to sell, it is too early to provide definitive guidance as to Group profitability for the financial year,” it said.

EasyJet this week announced that it had sold 80% of its summer 2023 holidays.

Jet2holidays increased its ATOL licence to almost six million passengers this year, making it the largest ATOL holder in the UK, ahead of TUI.

It said forward bookings are ‘encouraging’, with packages representing just over 75% of total departing passengers, five percentage points higher than in summer ’22.

“Although the Group is facing input cost pressures including fuel, carbon taxes, a strengthened US dollar and wage increases, plus investment to ensure our colleagues can thrive and have a balanced lifestyle, pricing for both our package holiday and flight-only products remains strong and margins per booked passenger are encouraging, with customers eager to take their much valued holidays,” it added.

Jet2 also pointed out that it has invested in additional resources ahead of the summer, including taking control of handling operations at two more airports – Bristol and Newcastle – so it now self-handles at seven of its 10 UK bases, making it less reliant on third parties.

The Group will announce its Preliminary Results for the year ended 31 March 2023 on 6 July 2023, at which point it will provide a fuller outlook for the summer 2023 trading period.

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