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Highlights
- Record Financial Performance: Operating profit rose 14% to £701.5m; profit before tax increased 16% to £772.4m.
- Passenger Growth: Total seat capacity up 13% to 14.85m; package holiday customers increased by 8%.
- Positive Outlook: Jet2 forecasts profit ahead of market expectations for the fiscal year ending March 2025.
Jet2 plc (LSE:JET2) has reported a record-breaking financial performance for the six months ending September 30, 2024, driven by strong passenger demand and robust pricing strategies across its package holiday and flight-only offerings.
Financial Highlights
The Group achieved a 14% increase in operating profit, reaching £701.5m, compared to £617.0m in the same period last year. Profit before foreign exchange revaluation and taxation rose by 16% to £772.4m, underscoring the continued momentum of Jet2’s “Customer First” approach. Basic earnings per share surged 21% to 279.3p, up from 231.0p in 2023.
Passenger Demand and Pricing
Jet2.com carried 13.34 million passengers, up 11% from the prior year. Passenger behavior leaned towards last-minute bookings, requiring consistently attractive pricing.
Jet2holidays, the UK’s leading tour operator, reinforced its position with an 8% rise in package holiday customers, reaching 4.67 million. Average package holiday pricing climbed 6% to £904 per customer, reflecting inflationary cost pass-throughs. The flight-only segment also performed well, with passenger numbers growing by 18% to 4.11 million, although ticket yield per passenger saw a slight 1% decline to £130.81.
Operational Investments
Jet2 emphasized strategic investments to support future growth, including:
- Expanding seat capacity by 9% for Summer 2025, supported by additional aircraft.
- Opening new bases at Bournemouth and London Luton airports, with operations beginning in February and April 2025, respectively.
- Securing Sustainable Aviation Fuel (SAF) to meet upcoming UK and EU mandates.
- Retaining and recruiting operational staff to ensure resilience for the next peak season.
Interim Dividend and Outlook
In light of its robust financial results and positive outlook, the Board declared an interim dividend of 4.4p per share, up from 4.0p in 2023. This will be paid on February 7, 2025, to shareholders on record as of January 3, 2025.
For Winter 2024/25, seat capacity is up 14% year-on-year, with a slight improvement in average load factors. Pricing for package holidays and flight-only products remains modestly ahead.
Jet2 projects profit before foreign exchange revaluation and taxation for the fiscal year ending March 2025 to exceed market expectations, barring any significant disruptions.
Long-Term Prospects
Looking ahead to Summer 2025, seat capacity is set to rise 9% to 18.74 million, with early bookings and pricing meeting expectations. Improvements in the macroeconomic environment, including falling inflation, are expected to ease cost pressures. Jet2 has also hedged approximately 70% of its foreign exchange and jet fuel requirements for the season, ensuring cost stability.
However, the company remains cautious about potential geopolitical risks and the financial implications of recent UK budget measures, which are expected to increase annual labor costs by £25m.
