Jet2 PLC on Thursday reported double-digit earnings growth amid an uptick in consumer demand for low-cost travel.

The Leeds, England-based budget airline said in the year that ended March 31, pretax profit jumped 43% to £529.5 million from £371.0 million the year before. Revenue increased 24% to £6.26 billion from £5.03 billion.

Jet2 declared a 10.7 pence per share final dividend, up 34% from 8.0p previously.

Operating expenses grew 26% to £5.83 billion from £4.64 billion.

Total flown passengers rose 9.2% over the year to 17.7 million from 16.2 million, and the company finished the year with an increased total cash position of £3.18 billion, up 21% from £2.62 billion.

A new base at Liverpool airport ‘is proving successful’ while the company’s 12th UK base at Bournemouth airport is due to commence operations in February.

Summer 2024 on sale seat capacity is currently 12% higher than last year at 17.2 million seats. Booked to date package holiday customers are up 7.0%, representing 72% of overall flown passengers, with flight-only passengers increasing by 16%.

Chief Executive Officer Steve Heapy said: ‘Summer 2024 pricing to date for both products is showing a modest increase, helping to offset in part previously announced input cost increases. As ever, we remain mindful of the current macro-economic and geo-political environments and how these may influence future consumer spending patterns.

‘However, we continue to believe that the end-to-end package holiday is a resilient and popular product which remains high on the priority list for our customers, even during uncertain economic times.’

Jet2 shares were up 5.4% to 1,355.00 pence each in London on Thursday afternoon.

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