‘We’ll be back to normal next summer’, says Jet2 despite rising losses

bookings surge
By Linsey McNeill
18/11/2021
Home » ‘We’ll be back to normal next summer’, says Jet2 despite rising losses

Jet2 says it’s optimistic it will return to normal operations by summer 2022 as already its load factors are ahead of summer 2019.

Not only that, but package holiday bookings are making up a ‘materially higher’ mix of its total sales for next year, it said.

During the first half of the year, to the end of September, Jet2 saw an increase in the percentage of customers opting for cheap, last-minute flights instead of more expensive packages, which led to a 25% drop in its average yield year-on-year.

Its pre-tax loss for the six-month period was up 73% to £206 million as it managed to sell just 57% of its capacity compared to 69% the previous year, and the percentage of package holiday sales fell from 56% to 53%.

Jet2 warned further losses are expected in the second half of the year as it prepares to expand for summer 2022.

But Executive Chairman Phil Meeson said: “Current seat capacity for summer 22 is approximately 13% higher than summer ‘19 and we are on sale to all our popular leisure destinations.

“Bookings for summer ’22, for which package holiday bookings are displaying a materially higher mix of the total, are encouraging, with average load factors ahead of Summer 19 at the same point,” he said.

“Given these promising trends, we remain optimistic that in summer ’22 we will experience a return to previously normal operations and customer volumes.”

Excluding customer deposits, Jet2 still has £1.5bn in the bank to see if through the winter, 44% more than this time last year.

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