REG - Jet2 PLC - Trading Update

Jet2Announcement

26/01/2023 07:00

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RNS Number : 8901N  Jet2 PLC  26 January 2023

26 January 2023

Jet2 plc

("the Group" or "the Company")

Trading Update

Jet2 plc, the Leisure Travel group, announces the following update on trading.

Year ending 31 March 2023 (FY23)

Pleasingly, Winter 2022/23 forward bookings have continued to strengthen
throughout December 2022 and January 2023. Consequently, average load factors
are now slightly ahead of Winter 2018/19 at the same point (against a 24%
increase in seat capacity) with pricing and margins significantly higher. In
addition, the mix of Package Holiday customers has remained consistent at
approximately 60% of total departing passengers for the season, 16ppts higher
than Winter 2018/19.

Given these positive indicators, the Board now expects to exceed current
average market expectations ((1)) and report a Group profit before foreign
exchange revaluation and taxation for the year ending 31 March 2023 of between
£370m and £385m.

Year ending 31 March 2024 (FY24)

On sale seat capacity for Summer 2023 is currently 6.6% higher than Summer
2022 at 15.2m seats. Forward bookings to date are encouraging, with the mix of
Package Holiday customers representing approximately 77% of the total
departing passengers and 1ppt higher than Summer 2022. In addition, average
load factors for Summer 2023 are currently 1.0ppt ahead of Summer 2022 at the
same point, with pricing strong and margins encouraging as customers'
eagerness to take their much valued and anticipated holidays remains high.

Although the Group faces input cost pressures including fuel, carbon, a
strengthened US dollar and wage increases, plus investment to ensure our
Colleagues can thrive and have a balanced lifestyle, which may mean margins
come under some pressure, we remain confident that with our customer focused
approach and Right Product for these Tougher Times, our Customers will
continue to be keen to travel with us from our Rainy Island to the sun spots
of the Mediterranean, the Canary Islands and to European Leisure Cities.

The Group will provide a pre-close trading update in mid-April 2023 and will
announce its Preliminary Results for the year ending 31 March 2023 on 6 July
2023, which will include a fuller outlook for the all-important Summer 2023
trading period.

 ( )For further information, please contact:

Jet2 plc                                   Tel:             0113 239 7692

 Philip Meeson, Executive Chairman
 Gary Brown, Group Chief Financial Officer
 Cenkos Securities plc                      Tel:             020 7397 8900

 Nominated Adviser

 Katy Birkin / Camilla Hume
 Canaccord Genuity Limited                  Tel:             020 7523 8000

 Adam James

 Jefferies International Limited            Tel:             020 7029 8000

 Ed Matthews/Becky Lane
 Buchanan                                   Tel:             020 7466 5000

 Financial PR

 Richard Oldworth

(1)  Based on company compiled consensus, the Board believes the current
average market expectations for Group profit before FX revaluation and
taxation for the year ending 31 March 2023 to be £317m.

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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