Interim Results
Jet2 plc, the Leisure Travel group (“the Group” or “the Company”) announces its unaudited interim results for the half year ended 30 September 2023.
Jet2 plc
Interim Results
Jet2 plc, the Leisure Travel group (“the Group” or “the Company”) announces its unaudited interim results for the half year ended 30 September 2023.
| Group financial highlights | Half year ended30 September2023Unaudited | Half year ended30 September2022Unaudited | Half year endchange |
| Revenue | £4,407.4m | £3,567.6m | 24% |
| Operating profit | £617.0m | £516.6m | 19% |
| Profit before FX revaluation and taxation* | £664.6m | £505.0m | 32% |
| Profit before taxation | £660.5m | £450.7m | 47% |
| Profit for the period after taxation | £496.0m | £356.0m | 39% |
| Basic earnings per share | 231.0p | 165.9p | 39% |
| Interim dividend per share | 4.0p | 3.0p | 33% |
* Further information on the calculation of this measure can be found in Note 3.
| · | Group operating profit increased by 19% to £617.0m (2022: £516.6m) and Group profit before foreign exchange revaluation and taxation increased by 32% to £664.6m (2022: £505.0m). |
| · | Against Summer 2022, seat capacity increased 7% and the business achieved an average load factor of 90.7% (2022: 90.7%) with higher margin per passenger Package Holiday mix of total departing passengers up 4.9ppts to 70.8% (2022: 65.9%). |
| · | Flight-only net ticket yield per passenger sector at £124.09 (2022: £105.00) was 18% higher than the comparable period; the average price of a Jet2holidays package holiday also increased 11% to £855. |
| · | Our operations were directly impacted by the broader disruption caused by the National Air Traffic Services (“NATS”) failure, Rhodes wildfires and flooding in Skiathos which resulted in approximately £14.0m of lost profitability. |
| · | Total cash balance (including money market deposits) was £3,214.6m, an increase of 14% (2022: £2,830.7m). Our Own Cash* (excluding customer deposits) of £2,121.2m increased by 8% (2022: £1,968.6m). |
| · | For the Winter 2023/24 season, against a 21% increase in on sale seat capacity to 4.49m, the higher margin per passenger Package Holiday mix of departing passengers is currently up by 2.6ppts. 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. |
| · | We are currently 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. |
| · | Looking ahead, current seat capacity for Summer 2024 at 17.19m seats is approximately 12% higher than Summer 2023. Bookings and pricing at this early stage are encouraging, with average load factors 2.0ppts ahead of Summer 2023 at the same point. |
| · | We know that many of our Customers prioritise their hard-earned holidays over other areas of discretionary spend and that they truly cherish their time away from our Rainy Island and want to be properly looked after throughout their holiday experience. As a result, we remain confident that as a Customer First, much trusted holiday provider, they will continue to travel with us to the sun spots of the Mediterranean, the Canary Islands and to European Leisure Cities. |