Jet2 Profit Boost as Forward Bookings Soar

DALLAS - The UK’s third largest scheduled airline jet2.com (LS), has raised its profit expectations for the year ending March 31, 2023, after enjoying soaring winter bookings. This follows an increase in its average load factor, which puts it ahead of its winter 2018/2019 levels.

Given these “positive indicators,” it now expects to post a profit of £370-385m (US$458-476m) for the 12-month period.

Seat capacity for summer 2023 is currently sitting 6.6% higher than summer 2022 at 15.2 million seats. It added that forward bookings are also “encouraging,” as its package holiday consumers make up around 77% of that total. This was an increase of approximately 16% on 2018/2019 levels.

Cost Pressures

The airline has warned that it faces numerous “cost pressures,” including rising fuel costs, wage increases and environmental challenges. However, it remains confident that its ‘Customers will continue to be keen to travel with us from our Rainy Island to the sunspots of the Mediterranean, the Canary Islands and to European Leisure Cities.’

In an official statement, LS said it would provide a pre-close trading update in mid-April 2023 while announcing its Preliminary Results for the year on July 6, 2023. This will include a “fuller outlook” for the Summer 2023 period. 

In October 2022, the long-time Boeing customer announced a bumper deal with European rival Airbus for its A320 family airframes. A total of 98 firm orders have been placed, with options on a further 48. Deliveries are expected to begin in 2028.

https://airwaysmag.com/jet2-a320neo-order/

Featured Image: Jet2 Boeing 757-200 (G-LSAE) at MAN. Photo: Daniel Crawford/Airways.