- Revenue up 15% to £5.08 billion
- Winter 2024/2025 on sale seat capacity 14% higher
- Shares up 31% over the past year
Shares in Jet2 (JET2:AIM) were up nearly 5% to £14.94 in morning trading as the airline and package holidays provider reported record revenue, profit and passenger numbers for the first half year ending 30 September and said it expected the full year to be ahead of market expectations.
Winter 2024/2025 on sale seat capacity is currently 14% higher than Winter 2023/2024 at 5.11 million seats.
Summer 2025, on sale capacity of 18.74 million seats was approximately 9% higher than Summer 2024, including new UK bases at Bournemouth and London Luton airports.
‘Bookings and pricing at this very early stage are in line with management expectations’, said the company.
Despite a material amount of the winter season to sell the firm believes it is on track to report pre-tax profit before foreign exchange revaluations ahead of company-compiled consensus forecasts of £541 million, for the year to 31 March 2025.
WHAT DID THE CEO SAY?
Steve Heapy, Jet2 CEO was upbeat about the latest figures saying: ‘This result continues to demonstrate that our end‐to‐end package holidays and scheduled holiday flights, underpinned by our Customer First approach, remain popular’.
Heapy added that even in difficult economic times people were booking their annual overseas holiday which ‘remains a highly valued and eagerly anticipated experience, often taking precedence over the discretionary spend’.
GROWING FLEET
The airline and package holidays provider said it hoped to receive a fleet of new aircraft ‘over the coming years’ due to cash on the balance sheet.
Total cash and money market deposits increased 12% to £3.59 billion and own cash (excluding customer deposits) increased 9% to £2.31 billion.
Jet2 has already received ten new Airbus A321neo aircraft which are in service.
EXPERT VIEW
Canaccord Genuity analyst Damian Brewer noted his confidence in the business was ‘reinforced by: the strength of Jet2’s holiday product, strong Which? Reviews; its high repeat custom; well-regarded colleagues; strong returns; and strong cash generation, convertible bond repayment and shareholder’s interim dividends’.
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