Published on Thursday, July 9, 2020

Jet2 parent reveals Covid hit

The parent of Jet2 and Jet2holidays remains confident the company will emerge from the pandemic crisis 'even stronger' despite taking a £108.4m hit from Covid.

In its preliminary results for the year to March 31, Dart Group executive chairman Philip Meeson said despite the uncertainty, current monthly load factors for winter 20/21 are 'satisfactory' and summer 2021 bookings are 'encouraging'.

And he said sales are showing a materially increased package holiday mix.

"Whilst flight-only remains very important, our higher margin package holiday business has tremendous further potential as our reputation for providing 'package holidays you can trust' strengthens," he said.

"This gives us every confidence that with our focused approach, our customers will continue to be keen to travel with us from our rainy island to the sun spots of the Mediterranean, the Canary Islands and to European Leisure Cities and Jet2 will emerge from this crisis an even stronger company."

He said the group has learnt that even when times are tough and disposable incomes tight, one of the very last discretionary items to be sacrificed is the family holiday.

Dart Group says higher margin package holiday business has tremendous further potential 

But Meeson added: "Group performance for the financial year ending 31 March 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."

Dart Group suffered a £108.4 million exceptional charge over fuel hedging and £8.1m loss on foreign exchange revaluations.

Annual pre-tax profit for the 12 months to March 31 was down 11% to £147.7 million from £166.5 million in the previous financial year.

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