Jet2 PLC Trading Update (8044W)

TIDMJET2

RNS Number : 8044W

Jet2 PLC

20 April 2023

20 April 2023

Jet2 plc

("the Group")

Trading Update

Jet2 plc , the Leisure Travel group, announces the following update on trading.

Year ended 31 March 2023 (FY23)

Following the trading update in late January 2023, the Board now expects to report a Group profit before foreign exchange revaluation and taxation for the year ended 31 March 2023 of between GBP387m and GBP392m. Total cash at 31 March 2023 was GBP2.62bn with an 'Own Cash' balance (excluding customer advance deposits) of GBP1.12bn.

Year ending 31 March 2024 (FY24)

On sale seat capacity for Summer 2023 is currently 7.2% higher than Summer 2022 at 15.26m seats. Forward bookings to date remain encouraging, with the mix of Package Holiday customers representing just over 75% of total departing passengers and 5ppts higher than Summer 2022 at the same point. In addition, average load factors for Summer 2023 are currently 0.7ppts ahead of Summer 2022.

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.

Just as we did last year, we invested well ahead of the summer season to ensure we have adequate, fully trained resources to operate with our normal high standards of customer care. In addition, we have increased our operational resilience by taking control of handling operations at a further two of our UK bases - Bristol and Newcastle - meaning we now self-handle at seven of our ten UK bases and are therefore not reliant on third parties for these aspects of our operations.

In summary, 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.

We remain confident that with our customer focused approach and Right Product for these Tougher Times, our Customers will continue to be keen to travel with us from our Rainy Island to the sun spots of the Mediterranean, the Canary Islands and to European Leisure Cities.

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 all-important Summer 2023 trading period.

 
 
   For further information, please contact: 
     Jet2 plc                                    Tel: [phone] 
       Philip Meeson, Executive Chairman 
      Gary Brown, Group Chief Financial Officer 
      Cenkos Securities plc                       Tel: [phone] 
       Nominated Adviser 
       Katy Birkin / Camilla Hume 
      Canaccord Genuity Limited                   Tel: [phone] 
       Adam James 
 
      Jefferies International Limited             Tel: [phone] 
       Ed Matthews/Becky Lane 
      Buchanan                                                  Tel: [phone] 
       Financial PR 
       Richard Oldworth 
 
 
 
 
 
 
 

Certain information contained in this announcement would have been deemed inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time, until the release of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTNKCBKPBKDNQD

(END) Dow Jones Newswires

April 20, 2023 02:00 ET (06:00 GMT)