Dart Group PLC News

Record Profits at Jet2.com

12th September 2008

Philip Meeson, Chief Executive of Jet2.com, said: "We have had another great summer, our aircraft have been full and we have made record profits, in fact we are expecting our parent company's half-year profits to be in excess of £30 million."

"We have been able to hedge our fuel, plan ahead and ensure we offer Jet2.com's low fares to our customers' favourite European leisure destinations from our six regional UK bases. And we have recorded our best ever load factors - in excess of 90 per cent."

"Our ATOL-protected package holiday business, Jet2holidays.com, has also had another bumper year."

"The airlines and tour operators that have had problems have been those with a bias towards trans-Atlantic and long haul flights, as was the case with Zoom, Silverjet and XL, each of which operated frequent scheduled services to several destinations in North America, and this is an entirely different market to ours."

Jet2.com's parent company issued a statement, it said:

Dart Group PLC, the aviation and distribution group, reports on the first five months of trading of its principal operating subsidiaries Jet2.com, the northern based airline, and Fowler Welch-Coolchain one of the UK's largest chilled distribution companies.

The Group's underlying profit before taxation (before specific IAS 39 fair value movements) for the first half of the year is expected to be in excess of £30 million, with full year results in advance of current market expectations.

The Group's aviation business is set for a record summer. By focusing on its core European leisure routes, our scheduled airline, Jet2.com, is delivering improved yields coupled with load factors on these routes in excess of 90% in the peak months. Trading performance has been supported by increased charter volumes, strong cost control, and a conservative approach to fuel hedging. Our ATOL-protected holidays company, Jet2holidays.com, continues to grow strongly by meeting our customers' demand for a package holiday from their local airport.

Our distribution business, Fowler Welch-Coolchain, which operates over 350 vehicles providing a high quality distribution service of staple consumer goods, including chilled fresh and prepared foods, for a range of UK leading supermarkets, retailers and their suppliers, continues to perform well and in line with the Company's expectations. This business remains unaffected by fuel price movements, which are passed on to our customers.


Written by Site

Posted in

September 12, 2008 at 01:00

Tagged with