Jet2 has seen its profit before tax increase by 20% year-on-year to £592.9m in the six months to 30 September.

The airline also reached a record operating profit of £701.5m in the same period, increasing by 14%, while its revenue increased by 15% to £5.08bn.

In this time, seat capacity increased by 13% to 14.85 million, with passenger demand being “characterised by a higher proportion than usual booking much closer to their departure date".

Chief executive officer at Jet2, Steve Heapy, said: "We are delighted to have delivered another record financial performance during the first half of the year. This result continues to demonstrate that our end-to-end package holidays and scheduled holiday flights, underpinned by our customer first approach, remain popular and resilient products.

"Even in difficult economic times, the annual overseas holiday remains a highly valued and eagerly anticipated experience, often taking precedence over other discretionary spend. As a result, we are confident that our proven business model - anchored to delivering a fantastic customer service with a well-established, trusted holiday brand - offers customers a compelling value proposition."

Looking ahead, the firm said that summer 2025 has a 9% seat capacity increase year-on-year, which includes its new bases at Bournemouth and London Luton airports.

Bookings and pricing are in line with management expectations at "this very early stage".

However, Jet2 said that losses are to be expected in the second half of the financial year, as it continues to invest in additional aircraft, marketing, new staff and sustainable aviation fuel.

Despite this, the airline has increased its interim dividend from 4 pence a share in the same period in 2023 to 4.4 pence.

Investment director at AJ Bell, Russ Mould, stated: "A week in the sun remains non-negotiable for many UK households according to Jet2 and that argument was lent credence by its record first-half results and upgraded full-year guidance.

"One emerging trend which is a challenge for the business is a tendency for passengers to book much closer to their departure date but, for now, Jet2 seems capable of dealing with it.

"Price still remains a determining factor in people’s decision making and Jet2 seems to have got the balance right between protecting its own profitability and still offering reasonable value for its customers.

"Jet2’s confidence in its current trajectory is reflected in a meaningful increase in the dividend. The company’s hedging of fuel and currency exposure into 2025 gives both it and its shareholders decent visibility as it flies into next year."

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