Jet2 warns of further losses due ‘to a range of cost pressures’ in ‘fuel and carbon costs’

Holiday company Jet2 have had first half losses widen and will remain in the red for the rest of 2021.

This comes as there is a “range of cost pressures” including an industry price war which has seen the group shares fall by 7% and gave a gloomy outlook for the second half.

“Aggressive” price competition soaring fuel prices, carbon offsetting and wages are all to blame the company said.

Jet2 said, “The travel industry continues to be subject to a range of cost pressures, most notably in relation to fuel and carbon costs.

“Additionally, we expect the competitive pricing environment being experienced for winter 21/22 to continue.

“We will also make necessary investments in our own operations in the remainder of this financial year, including the increasing cost of retaining and attracting colleagues in readiness for our flying programme expansion in the summer 22 season, plus marketing spend to drive customer bookings.

“As a result, and as is typical for the business, further losses are to be expected in the second half.”