JET2 Jet2

TIDMJET2

RNS Number : 1141F

Jet2 PLC

06 July 2023

6 July 2023

Jet2 plc

("Jet2", "the Group" or "the Company")

Directorate Change

Jet2 plc, the Leisure Travel Group, announces that Philip Meeson, Executive Chairman, has informed the Company of his intention to step down from the Board.

Philip bought the business in 1983, when it was a small cargo airline and distribution company serving the Channel Islands. The Company subsequently listed in November 1988 and has since become one of the UK's leading leisure travel businesses. Philip will move to Non-Executive Chair during the course of this year and remain in that role until a successor is appointed.

Over recent years, Philip has devolved most of his executive responsibilities to the Company's senior management team. Together with the recently strengthened Board, the senior management team, led by Steve Heapy, Chief Executive Officer and Gary Brown, Group Chief Financial Officer, has strength in depth throughout the Group's operations. The final results announcement today highlights the excellent trading performance for the year ended 31 March 2023 together with pleasing forward bookings. A robust balance sheet with GBP2.6bn of total cash and GBP1.1bn of 'own cash' bodes well for future growth, underpinned by the recent fleet order for 98 fuel-efficient Airbus A321/A320neo aircraft with options to increase to 146 aircraft by 2035. These are in addition to 34 new Boeing 737-800 NGs which were delivered between 2016 and 2019.

Philip Meeson commented:

"I am extremely proud of the business I and colleagues have developed over the past 40 years and have huge respect for the newly enlarged Board and the outstanding management team that over recent years has built up Jet2holidays to become the largest package holiday provider in the UK, together with Jet2.com, the UK's third largest airline. Jet2holidays is a well trusted UK leisure travel brand with a great in-house airline, which together - through our unwavering commitment to our Customers and the ethos of 'People, Service, Profits' - have created a leading family friendly holiday product. I therefore remain confident in the outlook for the Group, but I am conscious of my age and the need to plan an orderly succession. I remain committed to Jet2 and will support my successor and the management in any way I can."

Enquiries:

 
 Jet2 plc 
  Philip Meeson, Executive Chairman            0113 239 
  Gary Brown, Group Chief Financial Officer     7692 
 Cenkos Securities plc 
  Nominated Adviser                            020 7397 
  Katy Birkin / Camilla Hume                    8900 
 Canaccord Genuity 
  Joint Broker                                 020 7523 
  Adam James                                    8000 
 Jefferies International Limited 
  Joint Broker 
  Ed Matthews                                  020 7029 
  Becky Lane                                    8000 
 Buchanan 
  Financial PR                                 020 7466 
  Richard Oldworth                              5000 
 

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END

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(END) Dow Jones Newswires

July 06, 2023 02:01 ET (06:01 GMT)

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