Profit warning for Jet2 parent on lower passengers
29.02.08
The parent company of Leeds Bradford Airport based budget airline Jet2 issued a profits warning today, admitting that a hoped for increase in passengers this winter had not materialised. In a trading statement issued this morning, the Dart Group said that whilst its Fowler Welch-Coolchain distribution business had continued to perform well, winter trading at Jet2 'has not met expectations'.
The aviation and distribution group, which relocated its head office and staff to Leeds Bradford Airport last summer, issued the update on current trading ahead of its year end on March 31. The statement said: 'In the winter season, the forecast growth in passenger volumes has not been achieved. Similar volumes to last year are now expected.'
The company said the resultant lower yield (average fares) and load factors (average passengers per plane) had reduced its winter revenue expectations by about 6%, with a consequential reduction in the group's pre-tax profits for the year.
At one point shares in the company fell by nearly 15% - down 4.25p to 25p, valuing the company at around £35m. They have fallen by almost 75% since last September and over 80% over the last 12 months.
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