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Jet2 racks up losses but remains optimistic

Jet2 racks up losses but remains optimistic

Jet2 has reported a pre-tax loss of £206 million for the half-year ended September 30th.

This is a significant increase on losses of £119 million recorded for the same period last year, at the height of the Covid-19 pandemic.

Revenue did, however, increase 43 per cent to £430 million during the six-month window.

Although seat capacity for the period increased by 86 per cent to 2.68 million, average load factor fell to 57 per cent.

The operator found it harder to fill planes to ‘amber’ destinations, primarily popular high-volume leisure destinations.


Customers remained anxious such destinations could quickly be changed to ‘red,’ meaning enforced quarantine on return to the UK, Jet2 said.

Philip Meeson, executive chairman of Jet2, said: “Although first half losses are greater than last year, given the limited number of Green destinations operated throughout the period and the fragile consumer confidence surrounding amber destinations, we have been satisfied with the positive financial contribution achieved, supported by our quick to market, flexible operating model.”

He added: “The dissolution of the green and amber lists from October was particularly heartening, as were the changes to the UK government’s testing requirements for passengers returning to the UK.

“As a consequence, forward bookings for winter 21/22 have been markedly stronger and average load factors much improved.

“At present, on the assumption of a continued unhindered flying programme, we anticipate seat capacity for winter 21/22 will be approximately 11 per cent less than winter 19/20.”