Jet2 reports positive 2022 bookings but warns of unpredictable summer

Monday, 12 Feb, 2021 0

Jet2 has raised £422 million from shareholders to combat the travel ban and warned it was hard to predict when the restrictions woud ease.

The company said the injection of additional funds would provide ‘sufficient liquidity on an extended and likely unpredictable shutdown basis to deal with this continually challenging trading environment’.

In a trading update, the company said it remained cautious about the summer 2021 season despite the ‘continued positive news about the vaccine’.

Seat capacity will be refined as travel guidance evolves, it said.

Jet2 flights and holidays are cancelled until 15 April.

But the company painted a more upbeat long-term picture, with consumers setting their sights on 2022.

"Encouragingly, bookings for Summer 2022 are already very positive when compared against summer 2019, with strong margins and an increased mix of higher margin package holidays bookings," Jet2 said.

Explaining the reasons for the fund raise, Jet2 Executive Chairman Philip Meeson said: "Based on the indicative scenario planning undertaken by management, the board believes that the proceeds will provide sufficient liquidity on an extended and likely unpredictable shutdown basis to deal with this continually challenging trading environment.

"Furthermore, the Directors believe the Fundraise will enable management to continue to adopt a decisive, but prudent, responsible financial management approach, take longer-term strategic decisions to support sustainable long term profit growth and improve the ability for Jet2 to exit the pandemic in a stable commercial position so that it is well positioned to capitalise on the upturn opportunity when it arrives."

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