Jet2 to increase full-year profit forecast after demand soars
Will PayneJet2 has upgraded it annual profit forecast to £385 million for the year to 31 March 2023 after it saw a recent surge in bookings and prices.
In a recent trading update, the airline and operator said winter 2022/2023 forward bookings have continued to strengthen throughout December and January.
The company’s average load factors are now slightly ahead of winter 2018/2019 – against a 24% increase in seat capacity – with pricing and margins "significantly" higher.
The mix of package holiday customers has remained consistent at around 60% of total departing passengers for the season, 16% higher than winter 2018/2019.
A spokesperson for the company said: "Given these positive indicators, the board now expects to exceed current average market expectations and report a group profit before foreign exchange revaluation and taxation for the year ending 31 March 2023 of between £370 million and £385 million."
Elsewhere, on sale seat capacity for summer 2023 is currently 6.6% higher than summer 2022 at 15.2 million seats.
Jet2 said forward bookings are "encouraging", with the mix of package holiday customers representing approximately 77% of the total departing passengers.
Despite input cost pressures including fuel, carbon, a strengthened US dollar and wage increases, plus staff investment, the company said it "remains confident" customers will continue to be keen to travel to destinations such as the Mediterranean, the Canary Islands and European cities.
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Place of registration: England and Wales.
Company number 08723341.
Registered address: 6th Floor, 2 London Wall Place, London EC2Y 5AU
