Profits down 23% at Jet2 parent
20.11.09
The parent company of Leeds Bradford Airport based budget airline Jet2 has reported pre-tax profits down by almost a quarter in the half year ended September 30. Dart Group, which owns distribution group Fowler-Welch Coolchain in addition to the airline, maintained turnover at £272.7m (from £272.8m) but saw-tax profits fall 23% to £28.1m (£36.3m). Underlying pre-tax profits were also down by 23% to £25.7m (£33.5m).
Dart Group Chairman, Philip Meeson, said the results reflected ‘the tougher trading environment we are experiencing in our aviation businesses’. He revealled that Jet2 had been successful in maintaining load factors, but at the expense of yields. The airline flew 2.2m scheduled passengers in the six months to September 30, 2009 (2.3m) with the total number of routes served from all of its bases rising to 94 (75).
However, Mr Meeson said: ‘After a very strong performance in the previous year, our freight and passenger charter businesses experienced reduced revenues, reflecting a weaker market for charter services. In total, charter revenues were down 18% .’
For winter 2009/2010 the airline has reduced its overall scheduled capacity, which it said reflected a ‘prudent’ approach in the current environment. Overall, Jet2.com has plans a 2% increase in scheduled seat capacity for Summer 2010, with a higher proportion of Eastern Mediterranean destinations.
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