Jet2 recorded a strong performance for the financial year ending March 31, 2024, with pre-tax profits increasing by 12% to £593 million, thanks to record passenger numbers and increased sales of holiday packages.
Jet2, however, remains cautious about the rest of the 2025-2026 financial year, emphasizing that the uncertain geopolitical and economic environment, as well as the trend of late bookings, limit the possibility of safe predictions. It is noted that capacity for the summer of 2025 has increased by 8% compared to last summer, reaching 18.6 million seats.
The company, which operates the airline Jet2.com and the package holiday brand Jet2holidays, recorded a 12% increase in passenger numbers in the last financial year, reaching 19.77 million, while revenue increased by 15% year-on-year, reaching £7.17 billion. Package holidays – which are the company’s highest-profit product – increased by 8% to 6.58 million, while non-package flights increased by 18% to 6.62 million.
Jet2 said its commercial course for the current financial year is moving “in line with market expectations”, despite the challenges created by the trend of consumers booking their holidays closer to the departure date. The company, however, believes that customer appetite for holidays abroad “remains strong”, provided that prices are attractive.
Expansion of operations and new destinations
During the year, Jet2 strengthened its network, opening bases at Bournemouth and Luton airports, which means that 85% of the UK population is now within a 90-minute drive of one of the company’s 13 bases. It also added a fifth aircraft to its Liverpool base, responding to increased demand.
The company expanded its holiday package offer with the addition of new destinations, such as Morocco, Murcia in Spain, and Braga in Portugal. The fleet was also strengthened with the addition of seven new Airbus A321neos, bringing the total fleet to 135 aircraft by summer 2025. Jet2 has also secured the delivery of 132 additional A321neos by 2035, as part of its sustainable growth strategy.
Optimism with reservations about the future
Jet2 chief executive Steve Heapy highlighted the company’s “resilience and differentiation”, which is built on a comprehensive service focused on the customer experience. He said: “Our strong proposition, delivered by people committed to customer-centric service, allows us to deliver on our long-term strategy: to be the UK’s leading and best leisure airline.”
The airline also announced that it is fully hedged against fuel and foreign exchange costs for the current season, and has covered over 90% of its needs for the full financial year. It has also secured carbon offsets, providing stability in operating costs.
The next detailed update on the season’s commercial performance is expected to be given at Jet2’s AGM on 4 September.
