Online flight provider Jet2 announces 49% leap in annual profits

Growth | Latest News | Transport & Distribution | Yorkshire

Jet2Yorkshire-based Jet2.com and Jet2holidays has reported a jump in annual pre-tax profits of 49% to almost £135m.

Owner of the online flight provider, Dart Group, said a year of strong passenger growth was a huge contributor to group revenue rising by 38% to £2.4bn in the 12 months to March 31.

In a statement, the group said: “Demand for our leisure travel product has strengthened since the start of the new financial year and given current forward bookings we expect that group profit before foreign exchange revaluations and taxation for the financial year ending 31 March 2019, will substantially exceed current market expectations.

“Looking further ahead, emerging cost pressures coupled with the overall uncertain UK economic outlook, particularly related to Brexit and how it may impact on consumer spending, means we remain unclear how demand will develop in the medium term.”

Demand for the group’s package holidays grew by 24% to 2.5 million holidaymakers while Jet2.com’s fleet of 75 aircraft flew a total of 10.38 million passenger sectors, an increase of 46% year-on-year.

The fleet has been expanded to 90 aircraft for this summer.

Dart Group chairman Philip Meeson said: “In the past year we have expanded our hotel portfolio to over 3,400 hotels – summer 2017: over 2,900 hotels – often placing substantial deposits to secure dependable and competitive room offerings in the most attractive properties.

“Encompassing a wide range of great value 2 to 5-star accommodation, catering for the young, not so young and families alike, many have adjacent waterparks and other great attractions included in the package, adding to the overall holiday experience.

“Jet2holidays has now grown to be the UK’s second largest Atol licensed package holidays tour operator. Whilst our flight-only product remains very important, we believe our expanding package holiday business has tremendous potential.

“Consistently organising high quality, enjoyable, dependable and memorable holidays for our customers and delighting them from start to finish, engenders brand loyalty and repeat bookings.

“This, together with sustained investment in product and service, leads us to believe we have a great future in the UK leisure travel marketplace.”

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