Jet2 owner warns of continuing challenges but remains confident
DART GROUP, the owner of package holiday operator Jet2holidays and airline Jet2. com, said it still faces challenges as a result of the Covid-19 pandemic and maintaining a healthy cash position is its top priority.
The firm said it has taken significant action to improve its available liquidity in the last three months and will continue to do so, to ensure that it is best placed to respond swiftly as UK Government travel restrictions are relaxed and customer confidence recovers.
The firm said: “We remain 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.”
Philip Meeson, executive chairman, said: “Group performance for the financial year ending March 31, 2021 is largely dependent on the level of flying permitted for the remainder of the summer 2020 period, as well as performance in the second half of the 2021 financial year, periods for which we currently still have limited visibility.
“Despite the uncertainty, our current monthly load factors for winter 20/21 are satisfactory and summer 2021 bookings, which are showing a materially increased package holiday mix, are encouraging.”
Dart reported a record year in the 12 months to March 31. Profit before hedge ineffectiveness, foreign exchange revaluation and tax from continuing operations rose 50 per cent to £264m.
After accounting for a net exceptional charge of £108m due to hedge ineffectiveness as a direct result of Covid-19 and an £8m loss on foreign exchange revaluations, pre-tax profit fell 11 per cent to £148m.
Jet2holidays took 3.77 million customers on package holidays, an increase of 19 per cent.
Our current monthly load factors for winter 20/21 are satisfactory.
Philip Meeson, executive chairman of Dart Group