Annual loss for Jet2 group
Airline and holidays group Jet2 made a pre-tax loss of £373.8 million for the year to the end of March with its aeroplanes grounded for more than half of the financial year.
Jet2.com, which operates flights from Birmingham Airport, flew 1.32 million passengers, a fall of 91 per cent on 2019-2020 when it made a pre-tax profit of £264.2m
Jet2 believes opportunities for financially strong, resilient and trusted operators will only increase. Bookings for summer 2022 are encouraging.
Chairman Philip Meeson said: "When the financial year began, very few people could have foreseen the prolonged impact of the Covid-19 pandemic. Having delivered record financial results for the financial year ended March 31, 2020 and with strong advance booking momentum ahead of summer 2020, plus a healthy 'Own Cash' (excluding advance customer deposits) position, our UK leisure travel business – which encompasses Jet2holidays, our acclaimed ATOL licensed package holidays operator and Jet2.com, our award-winning airline – was well placed to deliver another year of strong performance.
"However, in what has proven to be a period of unparalleled operational and financial challenges, the pandemic has had an unprecedented impact on Jet2 plc and the leisure travel industry as a whole."
The restrictions on international travel imposed by the UK Government, meant its aircraft fleet was fully grounded for approximately 29 weeks of the financial year and operated with a significantly reduced programme when flying was permitted.
Jet2holidays is the UK's largest package holiday operator to many Mediterranean and Canary Islands leisure destinations and Jet2.com is the UK's third largest airline by number of passengers flown.
Mr Meeson said that though the continuing successful rollout of vaccines in the UK and the momentum in Europe are encouraging, the first three months of the new financial year have seen little change in the significant challenges facing the leisure travel industry.
He said the recent announcement of an expanded 'green watch list' and the potential relaxing of restrictions for those who are double vaccinated to be able to travel to amber list destinations without having to quarantine on return, was a welcome step in the right direction
"We are confident that once normality returns, our customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that Jet2.com and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually, to the Mediterranean, the Canary Islands and to European leisure cities and that Jet2 plc will emerge from this crisis an even stronger company," he added.
