Jet2 reports record revenue, unveils £250m buyback

(Sharecast News) - Jet2 reported record annual revenue and passenger numbers on Wednesday as demand for package holidays remained resilient, while announcing a new �250m share buyback and expressing confidence over the summer trading period.

The AIM-traded leisure travel group said revenue rose 4% to �7.48bn in the year to 31 March, as passenger numbers increased 5% to 20.83 million, although operating profit slipped 2% to �439.6m after absorbing �11m of London Gatwick start-up costs and around �50m of higher employment taxes and sustainable aviation fuel costs.

Pre-tax profit fell 7% to �551.0m, while basic earnings per share eased 1% to 211.2p.

The board proposed a 2% increase in the final dividend to 12.4p a share and unveiled a new �250m share buyback programme, with an initial �125m tranche beginning immediately.

Jet2 ended the year with net cash of �2.01bn and total cash, including money market deposits, of �3.29bn.

Looking ahead, Jet2 said summer 2026 seat capacity is 7.7% higher than a year earlier, with booked passengers up 7.1% and average load factors for the first four months running 1.2 percentage points ahead of last year.

Chief executive Steve Heapy said the group had delivered "another period of strong progress", adding that reduced geopolitical uncertainty had supported stronger booking momentum in recent weeks and that London Gatwick was performing ahead of initial expectations, prompting plans to expand the base further for summer 2027.

At 0905 BST, shares in Jet2 were up 11.6% at 1,512p.

Reporting by Josh White for Sharecast.com.

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