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.

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END

AGMUNONROAUKRAR

(END) Dow Jones Newswires

September 07, 2023 02:00 ET (06:00 GMT)

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