29th Apr 2025 14:37
(Alliance News) - Jet2 PLC on Tuesday started a share buyback programme worth up to GBP250 million, as it said profit on an adjusted basis in its recent financial year will meet market expectations.
Jet2 is a Leeds-based holiday operator and airline, flying from 13 UK airports.
The stock was up 14% to 1,537.00 pence in London on Tuesday afternoon.
The share buyback programme is expected to run over the next six to nine months in two tranches worth GBP125 million each. The first tranche will be run by brokers Canaccord Genuity Ltd and is expected to be completed by September 30.
"The group's sustainable cash generative business model and strong balance sheet, the board's continued confidence in the prospects for the business, as well as providing the opportunity to take advantage of prevailing market conditions to repurchase shares at favourable levels," Jet2 said.
Jet2 said adjusted pretax profit for the financial year that ended March 31 will be in line with market expectations of GBP566 million, up about 9% from the year before. The company guided for profit before foreign exchange revaluation and taxation of between GBP565 million and GBP570 million, up from GBP520.1 million in financial 2024.
Jet2 said its sale capacity for summer 2025 is up by 8.3% compared to summer 2024 reaching 18.6 million seats. Around 4% of this increase comes from the addition of its new bases at Bournemouth and London Luton airports.
Chief Executive Officer Steve Heapy said: "We are very pleased with how the 2025 financial year has ended with another year of healthy profit growth, which underlines the resilience, flexibility and popularity of our product offering, plus the consistently outstanding customer service provided by our colleagues.
"Although still very early in financial year, we are satisfied with progress for Summer 2025 so far. With a steadfast focus on long-term growth together with our flexible business model, we are well-positioned to navigate the dynamic market conditions and continue delivering exceptional service-led holiday experiences to our customers."
Jet2 said it will announce its full annual results on July 9.
By Olivia Mason-Myhill, Alliance News reporter
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