Jet2's Summer on sale seat capacity rises, provides PBT guidance

(Sharecast News) - Leisure travel group Jet2 said on Thursday that it now expects to report pre-tax profits of £387.0m and £392.0m despite it continuing to face input cost pressures. Jet2 stated on sale seat capacity for Summer 2023 was currently 7.2% higher year-on-year at 15.26m seats, while forward bookings to date were said to be "encouraging". In addition, average load factors for Summer 2023 were currently 0.7% ahead of 2022.

Pricing for both its package holiday and flight-only products remains "strong", according to Jet2, with margins per booked passenger branded "encouraging".

Jet2 said it was pleased with its current position, but cautioned that 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 was "too early to provide definitive guidance" as to profitability for the full 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 sunspots of the Mediterranean, the Canary Islands, and to European leisure cities," said Jet2.

As of 1045 BST, Jet2 shares were up 0.30% at 1,328.00p.

Reporting by Iain Gilbert at Sharecast.com