8th Apr 2022 09:27
(Alliance News) - Jet2 PLC said on Friday its loss continued to mount in its recently ended financial year, but the airline and package holiday company's bookings are showing signs of recovery following the dropping of travel restrictions.
Yeadon, England-based Jet2 expects a pretax loss before foreign exchange revaluation and tax in its year ended March 31 to come in between GBP378 million and GBP383 million. This would be widened year-on-year from a loss of GBP373.8 million in financial 2021.
Jet2 reported pretax profit of GBP264.2 million two years ago.
Whilst its loss widens, it pointed to an encouraging return of bookings in February and March, as UK travel restrictions eased. Average load factors in the months were approaching seasonal norms, Jet2 said.
Shares in Jet2 were up 5.6% to 1,222.98 pence each in London on Friday morning.
Passenger numbers and average load factors began recovering in October and November, which was shortly thereafter quashed by the outbreak of Omicron over the Christmas period.
For financial 2023 so far, Jet2 says summer sale seat capacity is 14% higher than summer of 2019, with an "encouraging" level of bookings. Average load factors for the summer period are just 2.5 percentage points behind the summer of 2019.
"We have worked hard to plan recovery for Summer 2022, investing well ahead of the season to ensure we have adequate resources to operate with our normal levels of customer care. We also self-handle at many of our key bases and are therefore not reliant on third parties for these aspects of our operations," Jet2 said.
Annual results for financial 2022 will be announced on July 7.
By Elizabeth Winter; [email protected]
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