REG - Jet2 PLC - Trading Update

Jet2Announcement

20/04/2023 07:00

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RNS Number : 8044W  Jet2 PLC  20 April 2023

20 April 2023

Jet2 plc

("the Group")

Trading Update

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

Year ended 31 March 2023 (FY23)

Following the trading update in late January 2023, the Board now expects to
report a Group profit before foreign exchange revaluation and taxation for the
year ended 31 March 2023 of between £387m and £392m. Total cash at 31 March
2023 was £2.62bn with an 'Own Cash' balance (excluding customer advance
deposits) of £1.12bn.

Year ending 31 March 2024 (FY24)

On sale seat capacity for Summer 2023 is currently 7.2% higher than Summer
2022 at 15.26m seats. Forward bookings to date remain encouraging, with the
mix of Package Holiday customers representing just over 75% of total departing
passengers and 5ppts higher than Summer 2022 at the same point. In addition,
average load factors for Summer 2023 are currently 0.7ppts ahead of Summer
2022.

Although the Group is facing input cost pressures including fuel, carbon
taxes, a strengthened US dollar and wage increases, plus investment to ensure
our Colleagues can thrive and have a balanced lifestyle, pricing for both our
package holiday and flight-only products remains strong and margins per booked
passenger are encouraging, with customers eager to take their much valued
holidays.

Just as we did last year, we invested well ahead of the summer season to
ensure we have adequate, fully trained resources to operate with our normal
high standards of customer care. In addition, we have increased our
operational resilience by taking control of handling operations at a further
two of our UK bases - Bristol and Newcastle - meaning we now self-handle at
seven of our ten UK bases and are therefore not reliant on third parties for
these aspects of our operations.

In summary, we are pleased with the current position, but with the new
financial year having only recently commenced, the continued threat of summer
European air traffic control disruption, and over 40% of the Summer 23 season
plus the majority of Winter 23/24 still to sell, it is too early to provide
definitive guidance as to Group profitability for the financial year.

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 announce its Preliminary Results for the year ended 31 March
2023 on 6 July 2023 at which point it will provide a fuller outlook for the
all-important Summer 2023 trading period.

 

 

 

 

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 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

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