Brits are likely to travel more to destinations with sunny weather and beautiful beaches as a major British airline and holiday company, is anticipating a successful year due to this increased demand for travel.
Jet2 has revised its profit forecast for the fiscal year following a recent increase in demand for international travel.
The travel company reported a 17 percent increase in winter bookings compared to the previous year. Additionally, earnings are expected to receive a boost from the extra leap year day in February and an earlier Easter in 2024.
Jet2 said demand for breaks in the sun came despite the ongoing cost of living pressures on households – and said it showed customers “cherish their time away from our rainy island”.
It said profits before tax in the year ending 31 March were likely to be between £510m and £525m – up from previous forecasts of £480m to £520m.
The company said bookings for the next financial year were encouraging, with summer 2024 package holiday customers also up by 17 percent so far.
Chief executive officer Steve Heapy said: “We are pleased with how the 2024 financial year is ending and are encouraged by early bookings for summer 2024.
“While recognising that there are many demands on consumer discretionary incomes, we believe that our customers cherish their time away from our rainy island and want to be properly looked after throughout their holiday experience.”
In its trading update on Thursday, Jet2 attributed the upturn to an expansion in the company’s seat capacity, which includes the acquisition of five new Airbus planes.
The firm said it was “confident” customers would continue travelling with it to destinations in the Mediterranean, the Canary Islands and European cities in the year ahead.
However, it added: “While pricing for summer 2024 across both our leisure travel products is currently showing an increase compared to the same period last year, we remain mindful of the current macro-economic and geo-political environments and how these could impact future consumer spending.”
Jet2’s preliminary results for the financial year will be released in July.
