Leeds-based Jet2 chairman sells around £22m worth of shares in airliner and package holiday business

The executive chairman of Jet2 has sold around £22 million worth of shares in the airliner and package holiday business.

The Leeds business posted filings revealing the share sale by Philip Meeson.

Mr Meeson sold 2 million shares at £11.14 per share and £10.50 per share on Thursday November 18 and Friday November 19 respectively.

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Additionally, a group called Philip Meeson 2019 Settlement, which the chairman is a trustee of but not a beneficiary, sold £5.3 million worth of shares at £10.50 each on Friday

On Thursday Jet2 revealed that it has seen first-half losses widen and warned it is set to remain in the red at the full year as it comes under pressure from rising costs and an industry price war.

On Thursday Jet2 revealed that it has seen first-half losses widen and warned it is set to remain in the red at the full year as it comes under pressure from rising costs and an industry price war.

Jet2 said: “The travel industry continues to be subject to a range of cost pressures, most notably in relation to fuel and carbon costs.

“Additionally, we expect the competitive pricing environment being experienced for winter 21/22 to continue.

“We will also make necessary investments in our own operations in the remainder of this financial year, including the increasing cost of retaining and attracting colleagues in readiness for our flying programme expansion in the summer 22 season, plus marketing spend to drive customer bookings.

“As a result, and as is typical for the business, further losses are to be expected in the second half.”

The constant traffic light reviews led to more last-minute bookings and lower ticket prices, it said.

But since the traffic light system was scrapped on October 4, with only a red list remaining, and testing rules eased for fully vaccinated passengers, Jet2 said bookings had been “markedly stronger”.

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How losses widened at Leeds-based holiday airline Jet2

The group added that despite the second half caution, it continues to be “optimistic” over a recovery to normal operations and customer numbers next summer.