By Guy Taylor
Leisure travel company Jet2 reported pre-tax profits of £390.8m, soaring 48 per cent from pre-pandemic levels, as it capitalised on an “enormous surge” in travel demand.
The Leeds-headquartered firm reported revenues surge 40 per cent higher then pre-Covid to just over £5bn, with the company stating that consumer confidence to travel had underpinned the “significantly improved financial performance.”
Philip Meeson, Jet2’s executive chairman, said: “The conclusion of the Covid-19 pandemic and the unprecedented challenges faced by everyone during it, unleashed an enormous surge of pent-up demand for those experiences that consumers had truly missed in the preceding two years.”
“One of the most important of these experiences was the opportunity to enjoy a much deserved, rejuvenating and relaxing overseas holiday.”
The airline and operator flew a total of over 16 million passengers in the 12 months up to March, an increase of 234 per cent on the covid-hit previous set of results.
Load factor – representing the proportion of available seats filled by passengers – was 90.5 per cent, up from 69.2 per cent on the previous year.
Today’s performance comes after an exceptional few months for Jet2, which has thrived as rising travel demand sees airlines and operators rake in huge profits.
In April, Jet2 hiked its full-year pre-tax profit expectations on the back of bumper bookings, prompting analysts to praise the group’s “goldilocks” business model, which they said would likely “drive further gains in years to come, whatever the path of the economy.”
In February, its holiday segment Jet2holidays became the UK’s largest tour operator as it flew past major rival TUI, increasing expected package holiday sales to 5.9 million.
The announcement today is just the latest evidence that British consumers are putting holidays at the forefront of spending, despite ongoing cost of living pressures.
The airline and operator is running its biggest summer programme this year, featuring 65 destinations.
