/Images/interim_report_accounts2011_l.jpg "Interim Report 2011/12 - cover")
Chairman's Statement
I am pleased to report on the performance of the Group’s principal trading companies, Jet2.com, Jet2holidays and Fowler Welch, for the six months ended 30 September 2011. The Group’s profit before tax was £41.6m, an increase of 8% on last year (2010: £38.7m); turnover was up 31% at £445.7m (2010: £340.4m). The increase in profitability reflects improved performance in the Jet2holidays operation. Jet2.com's profit margins declined as a result of cost increases out-stripping revenue growth, in particular jet fuel costs, which increased by 24% per tonne. EBITDA decreased by 1% to £63.5m (2010: £64.0m).
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