Jet2 PLC on Thursday reported a strong year of trading, as well as the departure of Executive Chair Philip Meeson.

In the 12 months that ended March 31, the Leeds-based leisure travel group said revenue multiplied to £5.03 billion from £1.2 billion, and also was 40% ahead of financial 2020.

Jet2 swung to a pretax profit of £371.0 million in financial 2023 from a loss of £388.8 million in financial 2022, also more than doubling profit from financial 2020.

Net financing expenses were reduced to £25.6 million from £66.0 million the year before.

Jet2 declared a final dividend of 8.0 pence, having paid nothing a year before.

‘We continue to believe that the end-to-end package holiday is a resilient and popular product, particularly during difficult economic times,’ the firm said.

It noted margins are holding up despite higher costs, thanks to robust pricing for its package holidays and flight-only products.

Looking ahead, Jet2 said its on sale seat capacity for summer 2023 is about 7.5% higher than summer 2022 at 15.3 million seats.

In addition, Jet2 announced Executive Chair Meeson will step down from the board.

‘Philip bought the business in 1983, when it was a small cargo airline and distribution company serving the Channel Islands. The company subsequently listed in November 1988,’ Jet2 said.

Meeson will move to non-executive chair later this year, and remain in the role until a successor is appointed.

He said: ‘I am extremely proud of the business I and colleagues have developed over the past 40 years and have huge respect for the newly enlarged Board and the outstanding management team that over recent years has built up Jet2holidays to become the largest package holiday provider in the UK, together with Jet2.com, the UK’s third largest airline.’

Shares were down 12% at 1,114.80 pence each on Thursday morning in London.

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