Jet2 says summer holidays seeing further ‘modest’ price rises after 11% jump

Jet2 has posted an increase in annual profits as it revealed prices of its holidays jumped by 11% and said travellers will see further “modest” increases over the summer.

The group reported a 43% rise in pre-tax profits to £529.5 million for the year to March 31 as passenger numbers rose by 9% to hit a record 17.7 million.

It said the price of its package holidays rose by 11% on average to £830 over the year as it sought to recoup soaring cost inflation.

Jet2 said customers will see further “modest” increases in flight-only and package holiday deals over the summer, but insisted deals will remain “attractive” due to a late booking trend.

“Passengers are currently booking much closer to departure and therefore pricing for our flight-only and package holiday products must remain attractive,” it said.

It added: “As ever, we remain mindful of the current macro-economic and geo-political environments and how these may influence future consumer spending patterns.

“However, we continue to believe that the end-to-end package holiday is a resilient and popular product which remains high on the priority list for our customers, even during uncertain economic times.”

The group said it has expanded its holiday programme by 12.3% over the summer to 17.16 million, with package holiday bookings up 7% and flight-only sales 16% higher.

Jet2 said it is too early to give an outlook for profits in the current financial year “given the late booking profile and the peak summer months of July, August and September not yet complete, plus the majority of winter 2024-2025 seat capacity still to sell”.