Jet2: Travel group achieves record passenger numbers, revenue and profitability
Leisure travel group Jet2 has reported record passenger numbers, revenues and profits over the last year as it added new UK bases and expanded its airline fleet.
Jet2, the group behind tour operator Jet2holidays and the airline Jet2.com, revealed that passenger numbers were up 12 per cent to 19.77m in the year ended March 31 2025.
It told investors that revenue over the year increased 15 per cent to £7.17bn and PBT (profit before tax) rose 11 per cent to £577.7m. During the last financial year, Jet2 opened two new bases at London Luton and Bournemouth. A fifth aircraft was added at Liverpool following “strong demand”, and there was a broadening of its package holiday offering with new destinations added including Morocco, Murcia and Braga.
In summer 2025, the group expects to operate a fleet of 135 aircraft, compared with 126 aircraft the previous summer, including 23 A321neo with a further pipeline of 132 delivering through to 2035. The group recently announced the launch of a share buyback programme of up to £250m, with the first tranche of £125m starting on April 29 2025.
Steve Heapy, Jet2 plc chief executive, commented: “These results reaffirm the enduring appeal, resilience and differentiation of our product offering founded on end-to-end customer care, all of which help to create cherished holiday memories for our customers. The strength of our proposition, delivered by colleagues who are dedicated to providing award-winning customer first service, will enable us to fulfil our long-term strategy: To be the UK’s leading and best leisure travel business.”
Commenting on outlook, Jet2 said: “Summer 2025 on sale seat capacity at 18.5m seats is currently 8.0 per cent higher than Summer 2024. Bookings for summer 2025 continue to be made closer to departure, as previously announced, but it is clear that customers’ eagerness to get away from it all and enjoy a relaxing overseas holiday in the sun remains strong, provided pricing is attractive.
“We are currently trading in line with market expectations supported by our flexible and fully integrated business model which provides the group with the ability to balance average load factor, pricing and product mix, in order to maximise overall profitability.”
Commenting on summer 2025 Mr Heapy said "it's a late market; people seem to be holding back before committing to purchase but we are seeing the demand coming later.. The demand is still there."
He welcomed the opening of the extension at Leeds Bradford Airport but said the missing piece was still improved transport links to and from the airport.
Richard Hunter, Head of Markets at interactive investor, commented: “Jet2 has brushed off concerns from earlier this year, leaving its shares clear for takeoff once more.
"The group had previously warned that the cost of living crisis could affect bookings, while higher costs could hamper earnings. However, and has been the case with many of its rivals, it is becoming increasingly clear that many customers are ring-fencing family getaway expenditure in their household budgets, regardless of the economic backdrop.”
Mr Hunter added: “Contrary to popular belief, Jet2 is no minnow. It is the third largest airline in the UK behind British Airways and easyJet, ahead of TUI and Virgin Atlantic. The company has opted to remain on AIM rather than seeking a full listing, and its £3.8 billion market cap makes it the largest company on its chosen index.”