Jet2 plc says it expects to post a loss of between £375 million to £385 million for the full year to 31 March 2021 owing to the Covid crisis.
This compares to 2019/20 full-year group profit of £264.2 million said the airline and operator in a trading update issued on Tuesday (27 April).
The firm said it took swift and decisive action to raise nearly £1 billion in additional liquidity to mitigate the effects of the pandemic, as well as to limit cash burn and preserve funds.
"As a result, our liquidity position is strong," said Jet2. It also said current booking trends were strong for winter 2021/22 and summer 2022, and that customers were likely to continue booking much closer to departure in the short-term.
Total cash as of 31 March came to £1.38 billion, and own cash – excluding advance customer deposits – to £1.06 billion, more than double the £520 million it had banked at the end of the 2019/20 financial year.
Jet2’s cash position comes despite returning more than £1.3 billion in customer deposits due to the pandemic.