Jet2 Raises Fiscal 2023 Profit Guidance

By Kyle Morris

Jet2 PLC on Thursday raised its fiscal 2023 adjusted pretax profit expectations and said that average load factors for summer 2023 are currently 0.7 percentage points ahead on year.

The leisure-travel group said that it now expects pretax profit before foreign-exchange revaluation for the year ended March 31 of 387 million-392 million pounds ($481.4 million-$487.6 million).

On Jan. 26, it said it saw profit before foreign-exchange revaluation and taxes of GBP370 million-GBP385 million for the year.

Pricing for package holiday and flight-only products remains strong and margins per booked passenger are encouraging, despite input cost pressures--including fuel, carbon taxes, a strengthened U.S. dollar--and wage increases.

Sale seat capacity for summer 2023 is 7.2% higher on year at 15.3 million seats. Forward bookings remain encouraging.

It is too early to provide definitive guidance on fiscal 2024 profitability due to the early stage of the year and the threat of summer European air traffic control disruption.

Write to Kyle Morris at [e-mail]

(END) Dow Jones Newswires

April 20, 2023 02:55 ET (06:55 GMT)

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