12 March 2021

Jet2 plc ("Jet2", the "Group" or the "Company")

Covid Corporate Financing Facility

On 14 May 2020, the Company announced that it was confirmed as an eligible issuer under the Bank of England's Covid Corporate Financing Facility ("CCFF"). In October 2020, Her Majesty's Treasury ("HMT") amended the CCFF eligibility requirements to include, amongst other criteria, an updated investment grade requirement to reflect the impact of the pandemic. As a result, HMT has conducted a review process with the Company to ascertain whether it remains eligible for the CCFF.

With that process now complete, we are pleased to announce that Jet2 plc has been re-confirmed as an eligible issuer for the CCFF for up to £200m. The Company intends to issue the full amount of commercial paper through the CCFF prior to the closure of the scheme on 22 March 2021, which will be used to provide standby liquidity if required. 

Philip Meeson, Executive Chairman, commented:

"The Group is grateful to both the Bank of England and HM Treasury for the CCFF, the ongoing provision of the Coronavirus Job Retention Scheme and, together with the responsible liquidity actions already taken by the business, this provides the Group with additional headroom to deal with the ongoing cost of disruption to our sector, ensuring we can continue to support our great business through this challenging period.

Our liquidity position is strong - the Group's cash position as at 7 March 2021 (with the CCFF undrawn) comprised unaudited Total Cash of £1,189m and "Own Cash" of £892m (excluding advance customer deposits), having already proactively returned over £1.2bn of customer deposits since the start of the pandemic.

We have recently experienced a notable increase in bookings for Summer 2021 in line with the more recent positive news and though still early, we continue to be encouraged by the volume of our customer bookings for both Winter 21/22 and Summer 2022. Based on this limited visibility, we are confident that once normality returns, our Customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that Jet2.com and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually, to the Mediterranean, the Canary Islands and to European Leisure Cities."

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Certain of the information communicated in this announcement would have been deemed inside information for the purposes of Article 7 of the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time, until the release of this announcement.