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IN BRIEF: Jet2 to beat market view despite wildfires, air traffic blip

7th Sep 2023 14:09

Jet2 PLC - Leeds, England-based leisure travel operator - Tells annual general meeting it is on track to exceed current market expectations for financial 2024 profit before tax and currency movements. It expects this to be between GBP480 million and GBP520 million, compared to the consensus expectation cited by Jet2 of GBP466.5 million and financial 2023's GBP390.8 million. This is despite absorbing GBP13 million in costs and lost margin from the wildfires in popular holiday destination Rhodes and from the UK air traffic control system outage last week. Seat capacity for the summer 2023 season was 15.26 million seats, down just 300,000 from guidance due to the Rhodes wildfires.

"The months of July and August experienced strong late booking momentum, with September currently showing a similar trend and average load factors now 0.5 percentage point behind summer 2022 at the same point," Jet2 says. It will issue its interim results on November 23.

Current stock price: 1,113.10 pence, up 8.5% on Thursday afternoon in London

12-month change: up 24%

By Tom Waite, Alliance News editor

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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