Profits plunge for Jet2 owner
20.11.09
The parent company of Leeds Bradford based budget airline Jet2 has seen pre-tax profits plunge by almost a quarter in the half year ended September 30. Dart Group, which owns distribution group Fowler-Welch Coolchain in addition to its aviation interests, maintained turnover at £272.7m (2008: £272.8m) but saw-tax profits fall 23 percent to £28.1m (2008: £36.3m). Underlying pre-tax profits were also down by 23 percent to £25.7m (2008: £33.5m).
Chairman, Philip Meeson, said the trading performance reflected ‘the tougher trading environment we are experiencing in the aviation business’. He revealled that Jet2 had been successful in maintaining load factors, but in part at the expense of yields. The airline flew 2.2m scheduled passengers in the six months to September 30, 2009 (2008: 2.3m) with the total number of routes served from all of its bases rising to 94 (2008: 75).
However, Mr Meeson added: ‘After a very strong performance in the previous year, our freight and passenger charter business experienced reduced revenues, reflecting a weaker market for charter services. In total, charter revenues were down 18 percent in the first half.’
For winter 2009/2010, the airline has reduced its overall scheduled capacity, which it said reflected a ‘prudent’ approach in the current economic environment. Overall, Jet2.com has planned a two percent increase in scheduled seat capacity for Summer 2010, with a higher proportion of Eastern Mediterranean destinations.
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