Jet2 boss - trading 'strong'
31.08.08
The parent company of Leeds Bradford Airport based budget airline Jet2 said that demand for late summer flights had boosted business as holidaymakers looked to escape the wet British weather. Dart Group said careful cost control and strong growth in charter flying had also resulted in an improved operating margin, which it expected to continue for the rest of the year.
Philip Meeson, chairman and chief executive, told the firm's annual general meeting: ‘The greater emphasis on leisure destinations within Jet2's flying programme has had a positive impact on both yield and load factor.’
In its preliminary results last month, the group, which is based at Leeds Bradford, said turnover for the year ended March 31 was up 23% to £429m, after its expansion of scheduled flights. Profit before tax was £11.8m compared to a £3.6m loss a year ago.
However, the group said if fuel hedging were taken into account, profit before tax actually fell to £3.9m from £14.1m the previous year. For the aviation business, operating profit before adjustment was just £300,000, compared to £13m the previous year. Debt grew from £14.1m to £17.2m.
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