Jet2 AGM Statement7 Sep 2023 08:09
Just reminding the market that travel is probably oversold. Up 7 and 8%. Others should follow the path imminently.
"Annual General Meeting Statement
Summer 2023 on sale seat capacity at 15.26m seats, has remained largely consistent with that reported at our Preliminary Results on 6 July of 15.29m seats and is 7.3% higher than Summer 2022, the small reduction in capacity primarily a result of the recent Rhodes wildfires.
The months of July and August experienced strong late booking momentum with September currently showing a similar trend and average load factors now 0.5ppts behind Summer 2022 at the same point (at 6 July 2023: 0.8ppts behind). Pleasingly, the mix of higher margin Package Holiday customers represents 71.7% of total departing passengers at present and is 4.8ppts higher than Summer 2022.
Winter 2023/24 forward bookings are encouraging with average load factors 0.3ppts ahead of those of Winter 2022/23 at the same point, against a 20.4% seat capacity increase to 4.47m seats, with the package holiday mix currently up by over 5ppts on Winter 2022/23. For both seasons, average pricing to date for both package holidays and flight-only products has remained robust.
Although there is still some way to go in the Leisure Travel winter booking cycle, based on current visibility and having absorbed approximately £13m of cost and lost margin from the Rhodes wildfires and the recent NATS air traffic control failure, we are on track to exceed current market expectations for Group profit before foreign exchange revaluations and taxation for the year ending 31 March 2024(1), with the outcome presently expected to be in the range of £480m to £520m. This guidance remains dependent on avoiding any material extraneous events in the balance of the year...."
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