Jet2 interim profits rise but bookings slower in recent weeks

(Sharecast News) - Jet2 said on Thursday that it was on track to deliver on its full-year guidance, as it posted a jump in interim profit and revenue thanks to good demand for its package holidays, but conceded that bookings had slowed in recent weeks. In the half year to 30 September, operating profit rose 19% to £617m, while profit before foreign exchange revaluation and taxation was up 32% at £664.6m. Revenue increased 24% to £4.4bn.

In particular, the company highlighted solid demand for its end-to-end package holidays.

Jet2 said that against Summer 2022, seat capacity increased 7% and the average load factor - which measures how full a plane is - was 90.7%, in line with the prior year.

"Although bookings have been a little slower in recent weeks with average load factors currently 1.3ppts down on Winter 2022/23 at the same point, average pricing to date remains robust," it said.

"With over 40% of Winter bookings traditionally made during the January to March period, we currently remain on track to deliver group profit before FX revaluation and taxation for the year ending 31 March 2024 of between £480m and £520m, in line with our previous guidance. This remains dependent on no material extraneous events in the balance of the financial year."

At 0920 GMT, the shares were down 2.9% at 1,098.10p.