Low cost airline sees shares fall

Airport Scene

Low fares airline Jet2.com which is based at Leeds Bradford airport has admitted that passenger numbers in the winter have been disappointing.

Jet2, a subsidiary of Dart Group, has seen its share price plummet from more than 130p a year ago to just 27.5p now. Parent company Dart has issued a trading statement ahead of its full year results on 31 March.

“In the winter season, the forecast growth in passenger volumes has not been achieved and similar volumes to last year are now expected to be carried,” the company said in the statement.

Latest passenger figures for the half year to the end of September last year were 2.6 million. But pre-tax profits then were down 39% to £12.2 million as the company pressed ahead with its expansion plans.

This year Jet2 has already launched a number of new flights. New flights from Leeds Bradford airport include Heraklion in Crete, Paphos in Cyprus, Olbia in Sardinia, Madrid, and Avignon in France with fares starting from just £19.99. New flights from Manchester airport include the popular holiday destination of the Algarve, plus popular city break destinations Rome and Budapest.

Other new flights this year include Newcastle airport to the popular winter sun destinations of Gran Canaria and Lanzarote. Edinburgh airport has seen new flights to Chambery for skiing holidays, plus La Rochelle and Toulouse in France. New flights have also started from Blackpool airport to Tenerife, while flights to Ibiza begin on 3 July.

Previously based at Bournemouth airport, Jet2 moved its headquarters to Leeds Bradford airport in 2006. The airline also operates flights from Belfast International airport on nine popular European and two domestic routes.

This is likely to be a tough year for the airline industry. No frills airlines Ryanair and easyJet have also seen their shares fall.

Written by: Nick Purdom


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Low Cost Airline Sees Shares Fall