Jet2 has upgraded its profit forecast for the financial year amid a recent surge in demand for foreign trips.

The package holiday firm said winter bookings were up 17% on the previous year – with earnings also likely to be boosted by the extra leap year day in February and Easter coming earlier in 2024.

Jet2 said demand for breaks in the sun came despite ongoing cost of living pressures on households – and said it showed customers “cherish their time away from our rainy island”.

It said profits before tax in the year ending 31 March were likely to be between £510m and £525m – up from previous forecasts of £480m to £520m.

The company said bookings for the next financial year were encouraging, with summer 2024 package holiday customers also up by 17% so far.

Chief executive officer Steve Heapy said: “We are pleased with how the 2024 financial year is ending and are encouraged by early bookings for summer 2024.

“While recognising that there are many demands on consumer discretionary incomes, we believe that our customers cherish their time away from our rainy island and want to be properly looked after throughout their holiday experience.”

Read more from business:
UK enters recession after fall in GDP
Crime gangs ‘recruiting staff for insider trading’
Chancellor considering spending cuts

Be the first to get Breaking News

Install the Sky News app for free

A trading update from Jet2 on Thursday said the upturn was also a reflection of an increase in the company’s seat capacity, including via the delivery of five new Airbus planes.

The firm said it was “confident” customers would continue travelling with it to destinations in the Mediterranean, the Canary Islands and European cities in the year ahead.

However, it added: “While pricing for summer 2024 across both our leisure travel products is currently showing an increase compared to the same period last year, we remain mindful of the current macro-economic and geo-political environments and how these could impact future consumer spending.”

Jet2’s preliminary results for the financial year will be released in July.

Related posts:

VW-backed ride-hailing service Gett weighs SPAC deal John Lewis warns of more store closures as pandemic deals hammer blow to sales Low-deposit mortgage scheme starts as price tags on homes ‘hit record high’ EasyJet eyes June recovery for holidays as it books £701m loss Amazon to open large department stores in the US One in four UK households exposed to vulnerable ‘unhedged’ suppliers Under-pressure Unilever to announce thousands of job cuts Smiths scraps executive share windfalls after investor backlash A mini-budget overhaul, hydrogen heating and whisky woes Further train strike dates announced – including on FA Cup final Loveholidays on journey to near £1bn valuation as auction looms Currys shares surge, women’s health and the economy