Cyprus Mail 11 February 2021 - by Andrew Rosenbaum
Jet2 will not fly until well after the Easter holidays, the company said in a statement on Tuesday.
“Due to the ongoing uncertainty and travel restrictions caused by the Covid-19 pandemic, we have taken the decision to extend the suspension of flights and holidays up to and including April 14, 2021,” the statement said.
Jet2 had previously cancelled all flights from January to March, but this announcement extends the no-flights period through the lucrative Easter holiday season and follows a tightening of border restrictions announced earlier by health secretary, Matt Hancock.
“For customers due to travel from April 15 onwards, we will provide further updates closer to the time as appropriate,” the statement said.
Jet2, which ends its fiscal year on March 30, showed a profit for the past year as losses from the pandemic and lockdown periods were not included in the results. For this fiscal year, revenue has fallen close to 88 per cent, and losses were at £299.9 million for the half-year. The worrisome fact is that the airline has substantial debts. Nonetheless, if flights restart in the summer, the airline should be well-positioned to take advantage of the hoped-for surge in travel.
It ‘s worth noting that most analysts give Jet2 a “buy” rating.
Like most of Europe’s budget airlines, Jet2 is counting on a strong revival of demand in the summer.
“There is huge pent-up demand for our award-winning flights and holidays. With a fantastic choice of popular sunshine and leisure city destinations available from across our network of UK bases, customers can take advantage of great deals for Summer 21, Winter 21/22 and Summer 22. Our customers work hard and save hard for their holidays, and we are very excited to take them away on holiday again.”
Jet2 emphasises that customers will receive refunds for cancelled flights.
“Where customers yet to travel are affected by any programme changes, we will automatically cancel their booking with a full refund. We have received praise from customers, consumer organisations, media and independent travel agents for our industry-leading and prompt refunding of over £1bn to customers whose travel plans have been affected by programme changes during the pandemic,” the statement said.
