Low-cost leisure airline and packaged holiday provider Jet2 confirmed today that as a result of the Covid-19 pandemic, it expected to report a pre-tax group loss of between £375m and £385m for the 2021 financial year, from group profit before hedging losses, foreign exchange revaluations and taxation of £264.2m in 2020.
Jet2 confirmed that its liquidity position was “strong”, with the group's unaudited cash position as at 31 March at £1.38bn, excluding advance customer deposits, it is standing at £1.06bn. That figure is after returning just over £1.3bn of customer deposits.
“The continuing successful rollout of vaccines in the UK and the increasing momentum in Europe are both encouraging,” the Jet2 board said in its statement. “However, we were disappointed at the lack of clarity contained in the [UK] Task Force's report, in particular the as yet to be populated 'traffic light' framework for destinations, and full details and cost of the associated testing regime.”
Due to that continued uncertainty, Jet2 had decided to extend the suspension of its flights and holidays from 17 May up to and including 23 June, by which time it was expecting more clarity.
Shares in Jet2 were up 2.12% at 1,445p when opening this morning.