Jet2 PLC Annual General Meeting Statement (6250L)
September 07 2023 - 2:00AM
UK Regulatory
TIDMJET2
RNS Number : 6250L
Jet2 PLC
07 September 2023
7 September 2023
Jet2 plc ("the Company" or "the Group")
Annual General Meeting Statement
Summer 2023 on sale seat capacity at 15.26m seats, has remained
largely consistent with that reported at our Preliminary Results on
6 July of 15.29m seats and is 7.3% higher than Summer 2022, the
small reduction in capacity primarily a result of the recent Rhodes
wildfires.
The months of July and August experienced strong late booking
momentum with September currently showing a similar trend and
average load factors now 0.5ppts behind Summer 2022 at the same
point (at 6 July 2023: 0.8ppts behind). Pleasingly, the mix of
higher margin Package Holiday customers represents 71.7% of total
departing passengers at present and is 4.8ppts higher than Summer
2022.
Winter 2023/24 forward bookings are encouraging with average
load factors 0.3ppts ahead of those of Winter 2022/23 at the same
point, against a 20.4% seat capacity increase to 4.47m seats, with
the package holiday mix currently up by over 5ppts on Winter
2022/23. For both seasons, average pricing to date for both package
holidays and flight-only products has remained robust.
Although there is still some way to go in the Leisure Travel
winter booking cycle, based on current visibility and having
absorbed approximately GBP13m of cost and lost margin from the
Rhodes wildfires and the recent NATS air traffic control failure,
we are on track to exceed current market expectations for Group
profit before foreign exchange revaluations and taxation for the
year ending 31 March 2024(1) , with the outcome presently expected
to be in the range of GBP480m to GBP520m. This guidance remains
dependent on avoiding any material extraneous events in the balance
of the year.
Our Customer First proposition continues to be underpinned by a
motivated team of Jet2 Colleagues whose purpose is to deliver
outstanding service. This was fully demonstrated both during, and
after, the significant disruption caused by the Rhodes and NATS
incidents as our UK operational and head office support teams,
combined with our overseas teams at destination airports and in
resort, once again proved a real differentiator. As always, the
Board would like to thank all our Colleagues for their unstinting
efforts during the year so far.
Looking forward, we continue to believe that Package Holidays
are the Right Product for Price Conscious Customers and our ability
to offer a wide choice of quality product, together with truly
variable duration holidays, enables them to conveniently tailor
their holiday plans to suit their individual budgets. Consequently,
Summer 2024 is already on sale with growth in seat capacity of
approximately 11% and average load factors at this very early stage
are slightly ahead of Summer 2023 at the same point.
For the long term our strategy remains consistent - To be the
UK's Leading and Best Leisure Travel Business with 'People,
Service, Profits' serving as our guiding principles.
The Board will provide a further trading update on the
publication of its interim results on 23 November 2023 .
For further information please contact:
Jet2 plc
Steve Heapy, Chief Executive
Officer
Gary Brown, Group Chief Financial
Officer 0113 239 7692
Cenkos Securities plc
Nominated Adviser
Katy Birkin
Camilla Hume 020 7397 8900
Canaccord Genuity
Joint Broker
Adam James 020 7523 8000
Jefferies International Limited
Joint Broker
Ed Matthews
Becky Lane 020 7029 8000
Buchanan
Financial PR
Richard Oldworth
Toto Berger 020 7466 5000
(1) Based on Bloomberg consensus information, the Board believes
the current average market expectations for Group profit before FX
revaluation and taxation for the year ending 31 March 2024 to be
GBP466.5m.
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
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END
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