Jet2 (LON:JET2) delivered a record set of full-year results on Wednesday, rising profits, rising revenue, and more holidaymakers than ever.
But the market wasn’t in the mood to celebrate. Shares slid 7% in morning trade, with investors zeroing in on what wasn’t said – a profit forecast for the year ahead.
Passenger numbers jumped 12% to 19.8 million in the 12 months to March, helping drive a 15% revenue increase to £7.17 billion. Pretax profit rose 12% to £593 million, while earnings per share climbed 22%. It wasn’t just volume, margins held up too, with an 8% rise in higher-margin package holiday customers and a dividend bump to match.
Still, there’s a growing unease about visibility. Jet2 stuck to the script, saying it’s trading in line with expectations, but stopped short of offering guidance. Bookings are still coming late in the cycle, clouding the view into the all-important summer season.
The company is planning for growth, more aircraft, more seats, more destinations. But geopolitical nerves and a cost-conscious consumer could yet weigh on momentum. With July, August and September still ahead, the group will wait until its AGM in September to say more.
So while last year’s numbers impressed on paper, the 7% share price drop says it all, the market is forward-looking, and Jet2’s forward view remains frustratingly blurry.