Jet2’s (LON: JET2) share price jumped Thursday at the open after the company said it expects pre-tax profit to exceed current market expectations.
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Winter 2022/23 forward bookings continued to strengthen through December and January, Jet2 revealed. As a result, the company said average load factors are now slightly ahead of Winter 2018/19 at the same point, against a 24% increase in seat capacity, with margins and pricing “significantly higher.”
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Furthermore, Jet2 revealed that the mix of package holiday customers has remained stable at around 60% of total departing passengers for the season, 16ppts above Winter 2018/19.
Jet2 shares are currently up more than 3%.
As a result of its recent solid performance, Jet2 now expects to surpass current average market expectations and report profit before foreign exchange revaluation and tax for the year ending March 31 of between £370 million and £385 million.
For the year ending March 31, 2024, the low-cost leisure airline and package holiday company said on sale seat capacity for Summer 2023 is currently 6.6% above Summer 2022 at 15.2 million seats.
Meanwhile, the company described forward bookings to date as encouraging, with Package Holiday customers representing approximately 77% of total departing passengers and 1ppt higher than Summer 2022.
In addition, Jet2’s average load factors for Summer 2023 are currently 1.0ppt ahead of Summer 2022 at the same point, with the company stating that margins are encouraging and prices are strong with demand high.
Jet2 acknowledged the input cost pressures it faces, such as energy costs, a strengthened US dollar, and wage increases, but said it remains confident in its approach.
The company confirmed it will provide a pre-close trading update in mid-April and will announce its preliminary results for the year ending March 31, 2023, on July 6.
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