Jet2 has reported "another strong year" in the 12 months to 31 March, despite expecting a drop in its operating profit.

The package holiday and airline group is anticipating to report an operating profit of between £435m and £440m in this period, after registering an operating profit of £446.5m in FY25.

This is in line with its expectations, and includes £11m of promotional and resourcing startup costs associated with the launch of its London Gatwick base.

Jet2 added that its balance sheet position remains strong, with total cash standing at £3.3bn on 31 March, net cash of £2bn and access to an undrawn £500m revolving credit facility.

Looking ahead, the firm said its summer on-sale capacity for 2026 is 7.7% higher year-on-year 19.9 million seats, with booked to date passengers jumping by 6.2% with both package holidays and flight-only showing positive growth.

However, since the commencement of the Middle East conflict, its booking profile has become “increasingly close to departure”, it said.

At present, its Q1 combined average load factor is in line with the period year, with the current uncertainty limiting visibility for the peak summer season and beyond. Jet2 said it also has a strong hedged position with 87% of its summer requirement hedged and jet fuel swaps at an average price of $707 per metric tonne, giving it a "high degree of cost certainty".

It is maintaining frequent dialogue with fuel suppliers and airport partners on fuel supply.

Chief executive officer at Jet2, Steve Heapy, stated: "FY26 was another strong year for Jet2, topped off by the successful launch of operations at London Gatwick which is performing ahead of our initial expectations with over 0.4 million passengers booked for the summer season.

"Clearly, we continue to monitor the situation in the Middle East but remain focused on our medium-term goals. Jet2 is a business with strong fundamentals, an attractive product offer, and a brand synonymous with VIP customer service.

"These are the attributes that sit at the heart of our People, Service Profits philosophy and give me confidence for long-term profitable growth as more and more customers rely on Jet2 for their hard-earned holidays."

Jet2 will announce its full-year results for the year to 31 March on 8 July 2026.

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