The operator now predicts a pre-tax profit of £510-£525 million for the 12 months to 31 March 2024 compared with a previous estimate of £480-£520 million.
In a trading statement, Jet2 said it was optimistic about the current winter season. “Against a 20.5% increase in on sale seat capacity, winter 2023/24 forward bookings have performed well, with passenger sectors booked currently up by 17% and average pricing for both flight-only and package holiday products robust.
"The mix of higher margin per passenger package holiday customers is slightly ahead of last winter at approximately 60%, which is particularly pleasing given the resurgence of city breaks in this period.”
It added February and March 2024 bookings were “displaying similar trends to recent months”, while the season also had the benefit of an extra day’s flying in February’s leap year and an earlier Easter.
Jet2 was also bullish about summer 2024. It said: “On sale seat capacity for summer 2024 is currently 12.5% higher than summer 2023 at 17.2 million seats. Forward bookings to date are encouraging, with average load factors 1.5ppts ahead of summer 2023 at the same point.”
It added package holiday customers, which yield a higher margin than seat-only, were up 17%, “with the package holiday mix of total departing passengers at approximately 77% and in line with summer 2023 at the same point in the booking cycle”.
It continued: “While pricing for summer 2024 across both our leisure travel products is currently showing an increase compared to the same period last year, we remain mindful of the current macro-economic and geo-political environments and how these could impact future consumer spending.”
Jet2 also said bookings at its new Liverpool base, where flights start on 28 March, “have been pleasing”.
The operator’s chief executive Steve Heapy added: “We are pleased with how the 2024 financial year is ending and are encouraged by early bookings for summer 2024.
“Whilst recognising that there are many demands on consumer discretionary incomes, we believe that our customers cherish their time away from our rainy island and want to be properly looked after throughout their holiday experience.”
Jet2 will provide a further update in April ahead of full year results on 11 July.
