REG - Jet2 PLC - Directorate Change

Jet2Announcement

06/07/2023 07:15

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RNS Number : 1141F  Jet2 PLC  06 July 2023

6 July 2023

Jet2 plc

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

 

Directorate Change

 

Jet2 plc, the Leisure Travel Group, announces that Philip Meeson, Executive
Chairman, has informed the Company of his intention to step down from the
Board.

 

Philip bought the business in 1983, when it was a small cargo airline and
distribution company serving the Channel Islands. The Company subsequently
listed in November 1988 and has since become one of the UK's leading leisure
travel businesses.  Philip will move to Non-Executive Chair during the course
of this year and remain in that role until a successor is appointed.

 

Over recent years, Philip has devolved most of his executive responsibilities
to the Company's senior management team.  Together with the recently
strengthened Board, the senior management team, led by Steve Heapy, Chief
Executive Officer and Gary Brown, Group Chief Financial Officer, has strength
in depth throughout the Group's operations. The final results announcement
today highlights the excellent trading performance for the year ended 31 March
2023 together with pleasing forward bookings.  A robust balance sheet with
£2.6bn of total cash and £1.1bn of 'own cash' bodes well for future growth,
underpinned by the recent fleet order for 98 fuel-efficient Airbus
A321/A320neo aircraft with options to increase to 146 aircraft by 2035.
These are in addition to 34 new Boeing 737-800 NGs which were delivered
between 2016 and 2019.

 

Philip Meeson commented:

 

"I am extremely proud of the business I and colleagues have developed over the
past 40 years and have huge respect for the newly enlarged Board and the
outstanding management team that over recent years has built up Jet2holidays
to become the largest package holiday provider in the UK, together with
Jet2.com, the UK's third largest airline.  Jet2holidays is a well trusted UK
leisure travel brand with a great in-house airline, which together - through
our unwavering commitment to our Customers and the ethos of 'People, Service,
Profits' - have created a leading family friendly holiday product.  I
therefore remain confident in the outlook for the Group, but I am conscious of
my age and the need to plan an orderly succession. I remain committed to Jet2
and will support my successor and the management in any way I can."

 

Enquiries:

 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

 Becky Lane
 Buchanan                                    020 7466 5000

 Financial PR

 Richard Oldworth

 

Certain information contained in this announcement would have been deemed
inside information as stipulated under the UK version of the EU Market Abuse
Regulation (2014/596) which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended and supplemented from time to time, until
the release of this announcement.

 

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