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Jet2 Profits Drop, But Package Holiday Segment Performs Well

Posted on Sat, 15 Sep 2012 23:00:00 GMT

Jet2.com Limited, a British low-cost airline, has announced that it earned £21.7 million ($34.1 million) profit for the full year to 31 March 2012, which is a 10% decline on profits achieved in the previous year.

Jet2 aircraft making a landing.

Jet2.com Limited, which is a subsidiary of the Dart Group PLC, an aviation services and distribution group, has attributed the decrease in profits to the current economic environment and higher aviation fuel prices. The airline has a fleet size of 42 aircraft.

For the entire Dart Group business, which also includes package holiday division Jet2holidays and distribution and logistics business Fowler Welch, turnover increased by 26% to £683 million and profit before tax increased by 7% to £28.1 million.

Jet2holidays recorded a pre-tax profit of £2.5 million, an improvement from a loss of £500,000 in the previous financial year. The company’s revenue increased due to an increase in customer numbers from 98,000 to more than 216,000. Jet2holidays has been focusing on all-inclusive holidays, and has been focusing on increasing retail revenues for products that are sold during the booking process, including in-flight meals and more legroom seats.

Philip Meeson, Chairman of Jet2holidays, said,

We flew 4.3 million scheduled service passengers and sold over 200,000 package holidays. We expect to increase our passenger numbers by approximately 10% and to double the number of package holidays sold in the current financial year.

Meeson added,

We take a careful and considered view of expansion in our leisure airline business, especially in the current economic climate. However, we are certainly optimistic for our continued growth in the holiday market.

He added,

Jet2holidays is set for further growth in the current year, with forward bookings at encouraging levels. We have expanded Jet2.com’s flying program by 10% for summer 2012, although margins remain challenging in this sector. We are encouraged both by these business opportunities and by the start we have made to the current year but in the current economic environment we are cautious in respect of profit growth.

Jet2.com Limited operates services from eight UK bases to more than 50 destinations. The airline also provides contract charter and air cargo services. 

Ian Stephens

About Ian Stephens

Ian Stephens is a Flight Simulation enthusiast with a keen interest in aviation and technology. He has been writing for Fly Away Simulation for over 9 years.

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