REG - Jet2 PLC - AGM Statement

Jet2Announcement

05/09/2024 07:00

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RNS Number : 9381C  Jet2 PLC  05 September 2024

 

5 September 2024

Jet2 plc ("the Group" or "the Company")

Annual General Meeting Statement

Summer 2024 on sale seat capacity at 17.17m seats is 12.4% higher than Summer
2023 and a slight increase on that reported at the time of our Preliminary
Results on 11 July.

The months of July and August experienced strong late booking momentum with
September currently showing a similar trend. As a result, average load factor
is now 1.2ppts behind Summer 2023 at the same point (11 July 2024: 1.8ppts
behind). Booked to date Package Holiday customers are up by 8%, representing
70.2% of total departing passengers, with Flight-Only passengers increasing by
17%. The continued demand momentum has served to offset softer flight-only net
ticket yields, although package holiday pricing remains resilient and
continues to show a modest increase on last year.

Winter 2024/25 forward bookings are encouraging with average load factor
0.8ppts ahead of Winter 2023/24 at the same point, against a 15.0% seat
capacity increase to 5.14m seats. The package holiday mix is currently up by
1.9ppts with pricing at this early stage showing a modest increase for both
our holiday products.

Year to date the business continues to trade in line with management's
expectations. However, given the late booking profile, the remaining summer
months of September and October not yet complete, plus the majority of Winter
2024/25 seat capacity still to sell, it remains premature to provide
definitive guidance as to Group profitability for the financial year ending 31
March 2025. Consequently, we will provide a further update at the interim
results on 21 November 2024.

Looking forward, we continue to believe that Package Holidays are the Right
Product for Price Conscious Customers. Our ability to offer a wide choice of
quality product and the flexibility of truly variable duration holidays, makes
it easy for our Customers to conveniently tailor their holiday plans to suit
their individual budgets. Furthermore, all our Customers benefit from our
commitment to quality reflected in our high trust ratings on Which?,
TripAdvisor and Trustpilot, plus our recognition as the leading airline and
holiday company on the UK Customer Satisfaction Index (UKCSI).

Summer 2025 is already on sale with growth in seat capacity of approximately
6.4% and average load factor at this very early stage slightly ahead of Summer
2024 at the same point.

For the long term our strategy remains consistent - To be the UK's Leading and
Best Leisure Travel Business - underpinned by our firm delivery stream of 146
Airbus A321neo through to 2035 which enables us to confidently plan for the
future and with 'People, Service, Profits' serving as our guiding principles.

 

For further information please contact:

 Jet2 plc                                    0113 239 7692

 Steve Heapy, Chief Executive Officer

 Gary Brown, Group Chief Financial Officer
 Cavendish Capital Markets Limited           020 7220 0500

 Nominated Adviser

 Katy Birkin

 Camilla Hume

 George Lawson
 Canaccord Genuity                           020 7523 8000

 Joint Broker

 Adam James

 Harry Rees
 Jefferies International Limited             020 7029 8000

 Joint Broker

 Ed Matthews

 Jee Lee
 Burson Buchanan                             020 7466 5000

 Financial PR

 Richard Oldworth

 Toto Berger

 

Notes to Editors

Jet2 plc is a Leisure Travel Group, comprising Jet2holidays, the UK's leading
provider of ATOL protected package holidays to leisure destinations across the
Mediterranean, Canary Islands and European Leisure Cities and Jet2.com, the
UK's third largest airline by number of passengers flown, which specialises in
scheduled holiday flights. In its most recent financial year ended 31 March
2024, over 68% of flown passengers took an end-to-end package holiday with the
remainder taking a flight-only.

Jet2 currently operates from 11 UK airport bases at Belfast International,
Birmingham, Bristol, East Midlands, Edinburgh, Glasgow, Leeds Bradford,
Liverpool John Lennon, Manchester, Newcastle and London Stansted. A 12(th) UK
base at Bournemouth airport will commence operations in February 2025.

 

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