Jet2 Lays Out Growth Strategy Amid Strong Summer Performance

Jet2 has laid out its growth expectations for the coming year, following a sound performance across the summer months in 2024.

Jet2, the UK’s leading leisure travel group, has recently unveiled its progress report at the September Annual General Meeting (AGM).

The company’s performance and future outlook outline a sound growth strategy in the competitive travel industry.

Summer 2024: Expansion and Strong Bookings

Jet2’s Summer 2024 seat capacity has reached an impressive 17.17 million seats, marking a significant 12.4% increase from Summer 2023. This growth surpasses the projections shared in their July 11 Preliminary Results.

The company experienced robust late booking momentum in July and August, with September following suit. While the average load factor is currently 1.2 percentage points behind Summer 2023, this gap has narrowed from the 1.8 percentage points reported earlier.

Key Summer 2024 Highlights

The Summer 2024 season has shown promising results for Jet2. Package Holiday customers have increased by 8%, now representing 70.2% of total departing passengers.

This growth in the package holiday sector is complemented by a 17% increase in Flight-Only passengers. Despite the rise in Flight-Only bookings, package holiday pricing remains resilient, showing a modest increase compared to the previous year.

Winter 2024/25: Encouraging Outlook

Looking ahead to Winter 2024/25, Jet2 is showing promising signs. The company has increased its seat capacity by 15.0%, offering 5.14 million seats. This expansion is supported by an average load factor that is 0.8 percentage points ahead of Winter 2023/24 at the same point last year.

The package holiday mix has also seen an uptick, increasing by 1.9 percentage points. Pricing for holiday products is showing modest increases at this early stage, indicating continued demand for Jet2’s offerings.

Financial Performance and Future Guidance

While the company continues to trade in line with management expectations, Jet2 remains cautious about providing definitive guidance for the financial year ending March 31, 2025.

The late booking profile and the substantial unsold Winter 2024/25 capacity drive this prudent approach. Jet2 will provide an update during the interim results presentation on November 21, 2024.

Jet2 firmly believes in the strength of its package holiday offerings, particularly for budget-conscious travelers. The company’s advantages include a wide choice of quality products and flexible, variable duration holidays.

These options allow customers to tailor their travel plans to suit individual budgets. Jet2’s commitsJet2 demonstrates its commitment to quality through high trust ratings on platforms like Which?, TripAdvisor, and Trustpilot. Furthermore, the company has gained recognition as a leading airline and holiday company on the UK Customer Satisfaction Index (UKCSI).

Furthermore, the company has gained recognition as a leading airline and holiday company on the UK Customer Satisfaction Index (UKCSI).

Long-Term Growth Strategy

Jet2’s long-term vision is clear: “To be the UK’s Leading and Best Leisure Travel Business.” This ambition is supported by a confirmed delivery of 146 Airbus A321neo aircraft through 2035, ensuring the company can plan confidently for the future. Jet2’s strategy is underpinned by its guiding principles of ‘People, Service, Profits’.

Looking ahead, Summer 2025 plans are already in motion with a 6.4% increase in seat capacity, and the average load factor at this early stage is slightly ahead of Summer 2024.

About Jet2 plc

Jet2 plc comprises two main entities: Jet2holidays, the UK’s leading provider of ATOL protected package holidays, and Jet2.com, the UK’s third-largest airline by passenger numbers. In the financial year ending March 31, 2024, over 68% of flown passengers opted for end-to-end package holidays.

Currently operating from 11 UK airport bases, Jet2 is set to expand with a 12th base at Bournemouth airport in February 2025, further solidifying its position in the UK travel market.

As Jet2 continues to navigate the dynamic travel industry, its focus on package holidays, customer satisfaction, and strategic expansion positions the company for sustained growth and success in the coming years.