Jet2 returns to annual profit

Its preliminary results for the year to the end of March showed a pre-tax profit of £371 million from a £388.8m loss in 2021-2022.

Revenue was up from £1.23 billion to £5.03bn and was 40 per cent up on the £3.58bn in the pre-pandemic year of 2019-2020. Pre-tax profit increased 142 per cent from £153.2m in 2019-2020.

The rebound in consumer confidence to travel helped underpin a significantly improved financial performance.

The group, which operates Jet2.com flights from Birmingham Airport, flew a total of 16.2 million passengers

In March the group took delivery of the first of its 98 ordered Airbus A321/A320neo aircraft, which could eventually extend up to 146 aircraft.

It has recently announced plans to start operations from Liverpool John Lennon Airport from March next year. It will be the group's 11th UK base.

Executive chairman Philip Meeson said the conclusion of the Covid-19 pandemic had unleashed an enormous surge of pent-up demand.

"The resumption of international travel in early 2022 resulted in the group's financial performance for the year ended March 31, 2023 exceeding our pre-pandemic performance for the year ended March 31, 2020.

"The positive progress reflects the decisions made in late 2021 to retain over 8,000 loyal colleagues throughout the pandemic, recruiting and training in good time for summer 2022, making early and substantial marketing investments and giving meaningful salary increases to all colleagues. It also demonstrates the robust and sustainable nature of our business model," he said.

Mr Meeson, who bought business in 1983 as a small cargo airline, is to step down from the board.

He will move to non-executive chairman during the course of this year and remain in that role until a successor is appointed.