‘Challenges’ for Jet2 hit parent’s profits
28.06.10
Fewer passengers using Leeds Bradford Airport based budget airline Jet2 dented profits at its parent company Dart Group plc. Chairman Philip Meeson described the year to March 31 as ‘reasonably satisfactory’ for the aviation and logistics group, in spite of challenging conditions for Jet2. While group turnover fell slightly from £439m the previous year to £434m, pre-tax profits fell by around a third from £33.5m to £22.2m, due to lower margins at Jet2 as a result of lower customer demand. Financial results for Jet2 are not pulled out from the overall group performance.
Jet2 suffered from weaker customer demand for its passenger services, especially during the off-peak and winter months, with flights to skiing destinations particularly affected. Mr Meeson said early action was taken to reduce capacity and frequency in order to control potential losses. During the year, it carried more than 3.1 million scheduled and charter passengers, with load factors up two percentage points to 80% and yields (average fares) down.
The group’s expanding tour operator, Jet2holidays.com, sold more than 64,000 packages, and this was planned to grow substantially. Mr Meeson said: ‘With the contribution of passengers from Jet2holidays alongside our other income streams, we feel optimistic that, provided we are flexible, continue to innovate and offer really great-value fares, our aviation business will prosper.’
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