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Published on Tuesday, April 27, 2021

Jet2 warns of big annual loss

Jet2 is forecasting a loss of up to £385 million for the financial year ending 31 March 2021

It blames Covid travel restrictions.

During the last financial year, the group took 'swift and decisive action' to raise nearly £1 billion in liquidity from various sources.

As a result it was forced to make deep cuts to reduce its cash burn.

It says it still holds a strong liquidity position despite returning more than £1.3 billion in customers' deposits due to cancelled holidays and flights.

"We welcomed confirmation from the UK Government's Global Travel Task Force that international travel remained on track to reopen in mid-May," it said.

"The continuing successful rollout of vaccines in the UK and the increasing momentum in Europe are both encouraging."

Still, it was 'disappointed at the lack of clarity' over the proposed traffic light system for reopening and pushed back a proposed restart of operations to 23 June.

Jet2 says it is encouraged by the volume of customer bookings for both winter 20021-2022 and for summer 2022.

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