18th Nov 2021 12:01
Jet2 PLC - Yeadon, England-based airline and package holiday operator - Posts mounting losses in half-year that ended September 30 despite revenue recovery. The holiday airline reports a pretax loss of GBP205.8 million, widened from GBP119.3 million a year previously. Revenue jumps 43% annually to GBP429.6 million from GBP299.9 million. Looking ahead, Jet2 notes that further losses are expected in the second half. Bookings for summer 2022 are encouraging, Jet2 says, with average load factors ahead of summer 2019 at the same point. Remains optimistic that in summer next year, it will see a return to previously normal operations and customer volumes.
"Although first half losses are greater than last year, given the limited number of Green destinations operated throughout the period and the fragile consumer confidence surrounding Amber destinations, we have been satisfied with the positive financial contribution achieved, supported by our quick to market, flexible operating model," comments Executive Chair Philip Meeson, referring to the UK government's previous traffic-light system for travel restrictions.
"Visibility as to the full year financial outturn remains limited and will very much depend on the continued rollout of vaccines, no further adverse Covid-19 developments and an uninterrupted Winter 21/22 flying programme," Meeson adds.
Jet2 will not pay a dividend for the year.
Current stock price: 1,111.50 pence, down 7.0% Thursday
Year-to-date change: down 22%
By Will Paige; [email protected]
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