Jet2 plc has said it is confident it will ‘emerge from the COVID crisis an even stronger company’ despite announcing a pre-tax loss of £373.8m for the year ended 31 March 2021.
The loss compares to a pre-tax profit of £264.2m the previous year.
Passenger numbers were down 91% in the period and this contributed directly to a decrease in revenue of 89%.
The owner of Jet2.com and Jet2 holidays said it has had to make 546 people redundant across the business as it reacted to travel restrictions.
Executive Chairman Philip Meeson said: “Extensive restrictions on international travel imposed by the UK Government meant our aircraft fleet was fully grounded for approximately 29 weeks of the financial year and operated with a significantly reduced programme when flying was permitted.
“We have taken great pride in refunding our customers promptly when their holidays or flights have unfortunately had to be cancelled, although many have opted to reschedule their bookings. The Group have processed over £1.4bn in refunds since the pandemic began, with our now virtual contact centre, ably supported by our social media and customer service teams, working tirelessly in this regard.”
He added group performance for the current financial year is ‘very much dependent on the level of flying permitted for the remainder of summer 21’ and repeated calls for the Government to open up international travel.