Jet2 reveals profit boost from Thomas Cook collapse
Jet2 parent Dart Group is forecasting a profit boost as a result of Thomas Cook’s collapse last month.
Jet2holidays said it had received good levels of late season bookings, with strong demand for both packages and flights ‘continuing to strengthen’.
This week rival TUI announced it was adding two million extra package holidays, mainly for summer 2020, following Thomas Cook’s collapse.
Dart said it will continue to assess the impact of Thomas Cook’s collapse on its business in the company months.
“Given the strengthening booking trend, the Board now believes that current market expectations for Group profit before foreign exchange revaluations and taxation for the year ending 31 March 2020 will be exceeded,” it said in a trading update this morning, but it warned that it remained ‘very cautious’.
“Given the cost pressures the travel industry is facing in general, which will intensify given the weakness in sterling, plus the deepening Brexit uncertainty and the impact this may have on consumer confidence, we remain very cautious in our outlook,” it said.
Analysts are forecasting an annual pre-tax profit of £149.5 million for the year ending March 31.
The Board will publish its interim results on November 21.