Jet2 Regulatory News (JET2)

6 July 2023

Jet2 plc

("Jet2", "the Group" or "the Company")

Directorate Change

Jet2 plc, the Leisure Travel Group, announces that Philip Meeson, Executive Chairman, has informed the Company of his intention to step down from the Board. 

Philip bought the business in 1983, when it was a small cargo airline and distribution company serving the Channel Islands. The Company subsequently listed in November 1988 and has since become one of the UK's leading leisure travel businesses. Philip will move to Non-Executive Chair during the course of this year and remain in that role until a successor is appointed. 

Over recent years, Philip has devolved most of his executive responsibilities to the Company's senior management team. Together with the recently strengthened Board, the senior management team, led by Steve Heapy, Chief Executive Officer and Gary Brown, Group Chief Financial Officer, has strength in depth throughout the Group's operations. The final results announcement today highlights the excellent trading performance for the year ended 31 March 2023 together with pleasing forward bookings. A robust balance sheet with £2.6bn of total cash and £1.1bn of 'own cash' bodes well for future growth, underpinned by the recent fleet order for 98 fuel-efficient Airbus A321/A320neo aircraft with options to increase to 146 aircraft by 2035. These are in addition to 34 new Boeing 737-800 NGs which were delivered between 2016 and 2019.

Philip Meeson commented:

"I am extremely proud of the business I and colleagues have developed over the past 40 years and have huge respect for the newly enlarged Board and the outstanding management team that over recent years has built up Jet2holidays to become the largest package holiday provider in the UK, together with Jet2.com, the UK's third largest airline.  Jet2holidays is a well trusted UK leisure travel brand with a great in-house airline, which together - through our unwavering commitment to our Customers and the ethos of 'People, Service, Profits' - have created a leading family friendly holiday product. I therefore remain confident in the outlook for the Group, but I am conscious of my age and the need to plan an orderly succession. I remain committed to Jet2 and will support my successor and the management in any way I can."

Enquiries:

Certain information contained in this announcement would have been deemed inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time, until the release of this announcement.