Jet2’s summer seat sales outshine 2019 levels as package holidays boom

Jet2.com and Jet2holidays’s summer sale seat capacity was 14 per cent higher than 2019 levels as the travel giant banks in on the post-pandemic rush.

Executive chairman Philip Meeson told shareholders during Jet2’s AGM package holiday customers continued to display a materially higher mix of the total departing passengers, up 13 per cent in this summer.

He noted that while there was a “difficult return to normal operations” at the start of the summer, due to lack of planning and investment by many airports, he said this had “abated significantly”.

Nonetheless, average load factors for Jet2 still 1.4 per cent behind summer 2019, as some travellers continue to opt for staycations over airports.

The firm said winter 2022/23 forward bookings are “satisfactory”, with average load factors matching 2019 figures.

Meeson remained confident that the appeal of package holidays should remain robust despite cost of living pressures hitting consumers.

Jet2 said it was on track to achieve current market expectations for full year profit before foreign exchange revaluations and taxation.

In its latest trading update, Jet2 said it had shrunk its operating loss for the year ended March by 4 per cent, as it went down to £323.9m from £336.1 the previous year.

The carrier is due to report its interim results at the end of November.

Jet2’s comments come as Ryanair’s boss Michael O’Leary said people will shy away from expensive fares, trading down to the benefit of the low-cost carrier.