REG - Jet2 PLC - Annual General Meeting Statement

Jet2Announcement

01/09/2022 07:01

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RNS Number : 8227X  Jet2 PLC  01 September 2022

 

1 September 2022

Jet2 plc

("the Company" or "the Group")

Annual General Meeting Statement

At the Company's Annual General Meeting today, Philip Meeson, Executive
Chairman, will make the following statement:

 

"Our Leisure Travel business continues to benefit from the significant
investment we made in preparation for the Summer 2022 season, retaining over
8,000 loyal colleagues during the pandemic and substantially topping up the
Coronavirus Job Retention Scheme funding on a sliding scale basis up to 100%
of salary for the lowest paid, recruiting and training seasonal colleagues in
good time and subsequently rewarding our trusted and experienced team for
their unrivalled customer service with early and meaningful salary increases.
It is this focus on the long term differentiation of the Jet2.com and
Jet2holidays brands that has enabled our on sale seat capacity for the season
to remain approximately 14% higher than Summer 2019, with no cancellations
made due to any Jet2 resource constraints.

 

Overall customer bookings, though a little later than normal, have remained
consistently strong. Package holiday customers continue to display a
materially higher mix of the total departing passengers being up 13ppts and
average load factors are only 1.4ppts behind Summer 2019 at the same point
(despite the 14% increase in seat capacity), whilst pricing remains robust.
Pleasingly, the difficult return to normal operations experienced in early
Summer 2022 due to the lack of planning and investment by many airports and
associated suppliers, has abated significantly.

 

Winter 2022/23 forward bookings are satisfactory with average load factors
matching those of Winter 2019/20 at the same point, against a 2% seat capacity
increase and with pricing currently robust.

 

With some way still to go in the Leisure Travel winter booking cycle, we are
currently on track to achieve current market expectations for Group profit
before foreign exchange revaluations and taxation for the year ending 31 March
2023.

 

We are very confident that, Package Holidays are the Right Product for Price
Conscious Customers especially in challenging economic times, and this
provides further opportunity for us to grow our customer base, though as
previously announced, margins may come under some pressure in the short term.
Our well proven dynamic booking systems enable us to flex our offer to match
consumers' changing demands and to deliver great value truly variable duration
holidays. We also expect the growing Package Holidays mix to continue to
benefit from our high trust ratings right across Which?, Trip Advisor, Trust
Pilot and Skytrax.

 

We have never compromised on Customer Service and nor shall we in the future.
It is the founding principle of what we do and we were delighted to welcome
Jet2.com's 100 millionth customer who travelled from Manchester Airport to
Fuerteventura a week ago. We very much look forward to providing our next 100
million customers with the high levels of service which our existing customers
know they can rely upon and which new customers will be delighted to discover,
all with the added comfort of a Group which has emerged from the pandemic in
sound financial health with a very strong Own Cash (excluding advance customer
deposits) position.

 

Finally, I would like to thank our amazing colleagues who continue to deliver
this sector leading Customer Service and would ask shareholders to join me in
expressing their appreciation to them in playing their invaluable part in
establishing the Group's enviable standing with customers today.

 

The Board will provide a further trading update on publication of its interim
results on 24 November 2022."

 

For further information please contact:

 Jet2 plc                                    0113 239 7692

 Philip Meeson, Executive Chairman

 Gary Brown, Group Chief Financial Officer
 Cenkos Securities plc                       020 7397 8900

 Nominated Adviser

 Katy Birkin / Camilla Hume
 Canaccord Genuity                           020 7523 8000

 Joint Broker

 Adam James
 Jefferies International Limited             020 7029 8000

 Joint Broker

 Ed Matthews
 Buchanan                                    020 7466 5000

 Financial PR

 Richard Oldworth

 

 

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