Published on Friday, April 24, 2020

Jet2 reports 'very promising' bookings for summer 2021

Jet2 and Jet2holidays are reporting 'very promising' summer 2021 bookings and are seeing 'encouraging numbers' of customers rebooking rather than cancelling.

In a trading update today, their parent Dart Group said it is also still seeing customers make bookings for late summer 20 and winter 20/21, despite the considerable uncertainty.

But it said the impact and duration of Covid-19 on its financial year ending March 31 2021 remains difficult to determine.

Jet2 has grounded its entire fleet, furloughed 80% of UK staff and has put similar schemes in place for overseas staff.

It has also asked remaining staff, including directors, to take a pay cut of up to 30% for the six months  from April 1 2020 until September 30 2020.

"Additionally, performance related bonuses earned for the financial year ended 31 March 2020 plus the Discretionary Colleague Profit Share Scheme will not be paid. Finally, the Board deems it inappropriate to recommend a final dividend for the year ended 31 March 2020 while making use of the Scheme," it said.

It has also deferred non-critical capital expenditure, frozen recruitment and discretionary spending and terminated contractors.

"Furthermore, we have also had positive discussions with many of our suppliers to reduce our monthly outgoings," said the update.

"We have prudently fully drawn down our Revolving Credit Facility of £100m and have also begun the process to confirm our eligibility and access to the Covid Corporate Financing Facility, launched by the Bank of England. In addition, we remain in ongoing constructive discussions with our existing liquidity providers, who recognise the strength of our business model."

For the year ended March 31 2020, the Board expects to report pre-exceptional Group profit before foreign exchange revaluation and taxation for the financial year of between £265 million and £270 million, a rise of around 49% on the prior year.

The Board estimates the Group will record a net exceptional charge of approximately £109 million relating to ineffectiveness on a proportion of FY21 fuel and foreign currency hedges in the FY20 results.

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