Jet2 upgrades profit forecast

Jet2 financial results
By Lisa James
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Jet2 plc says customer confidence has boosted performance, with the company now forecasting it will achieve profits of up to £385 million.

Previous market forecasts for Jet2’s year ended March 2023 had been around £317m.

Expected group profit before foreign exchange revaluation and tax has now been revised at £370m-£385m for the year.

In a trading update, Jet2 said the proportion of total customers booking a package hoiday for summer 2023 has increased slightly.

Compared to last year, 77% of total departing passengers are package holidays customers, up one percentage point on summer 2022.

Load factors are also 1ppt higher at the same point.

For winter 2022/23, the mix of package holiday customers remained consistent at approximately 60% of total departing passengers for the season, 16ppts higher than winter 2018/19.

The update said: “On sale seat capacity for summer 2023 is currently 6.6% higher than summer 2022 at 15.2m seats.

“Forward bookings to date are encouraging, with the mix of package holiday customers representing approximately 77% of the total departing passengers and 1ppt higher than summer 2022.

“In addition, average load factors for summer 2023 are currently 1.0ppt ahead of summer 2022 at the same point, with pricing strong and margins encouraging as customers’ eagerness to take their much valued and anticipated holidays remains high.”

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