Jet2 Posts Preliminary £520.1 Million Profit

DALLAS — Jet2 (LS), the UK-based package holiday provider, has posted a preliminary profit of £520.1 million (US$675 million) and confirmed exercising more orders for the Airbus A321neo.

• ‍Profits at Jet2 rose by 33% to a preliminary figure of £520.1m compared to £390.8m in 2023. 
• Revenues rose 24% from just over £5bn/US$6.49bn to £6.2bn/US$8.05bn. 
• Passenger numbers grew nine percent to 17.72m, compared to the 16.22m handled in 2023.

The airline recently opened its new base in Liverpool Airport (LPL) and plans to launch service at Bournemouth Airport (BOH) in February 2025. 

As part of its report, the airline confirmed that it had exercised its remaining options to order Airbus A321 neo aircraft. This means that between now and 2035, the airline will receive 146 of the type. J2 has indicated that these planes will be used to renew its fleet and expand into new routes.

CEO Comments

Jet2 CEO Steve Heapy commented, “We are very pleased to have been able to report another year of strong financial results as our Leisure Travel business delivered an improvement in Group Revenue of 24% to £6,255.3m/US$8,119.2m (2023: £5,033.5m/US$6,533.3m) and an increase in Group profit before FX revaluation and taxation of 33% to £520.1m/US$675m (2023: £390.8m/US$507.2m).”

“These results underlined the popularity, resilience and flexibility of our holiday products and also our leading brand position, as despite the continuing inflationary pressures, millions of UK customers still chose to prioritize their disposable income for a rejuvenating and relaxing Jet2 holiday!

“For the reporting period, seat capacity increased 10% to 19.73m. Although customer bookings were closer to departure, the business achieved a healthy average load factor of 89.8% (2023: 90.5%), with growth in average pricing for both our leisure travel products robust.”

“Higher margin per passenger Package Holiday customers grew 15% to 6.08m (2023: 5.29m) and were a materially higher mix of total departing passengers at 68.3% (2023: 64.9%), with Flight-only passengers reducing by 1% to 5.61m (2023: 5.69m).”

Customer First

Heapy continued, saying that the Jet2 Group has committed a considerable investment to be well-prepared for its summer operations. Jet 2 welcomed over 2,500 new Colleagues, bringing the total number to over 15,000 during its peak summer holiday season.

“Although the widespread aviation sector disruption experienced in Summer 2022 was not repeated, as always, we anticipated that there would be unpredictable challenges posed by the external operating environment. As a Customer First organization, this means investing to embed sufficient resilience into our operations, including but not limited to, standby aircraft and crews, generous amounts of in-resort customer helpers, plus responsive ‘go teams’ in the event of unforeseen developments.”

“This proactive approach enabled us to effectively navigate Summer 2023 events such as Rhodes (wildfires) and Skiathos (flooding), the technological systems failure at NATS, together with the record number of air traffic control strikes across Europe and mitigate the impact on our Customers.”