Jet2 owner’s shares up 17% amid Thomas Cook boost

Shares of Leeds-based leisure and logistics firm Dart Group, owner of and Jet2holidays, rose almost 17% on Friday after it said in a trading update it is receiving “encouraging levels of later season bookings” and increased levels of customer demand since Thomas Cook Group entered liquidation.

“As reported at our annual general meeting on 5 September, in our leisure travel business we have continued to receive encouraging levels of later season bookings, with overall demand for both our flight-only offering and package holiday products continuing to strengthen,” said Dart.

“We have also experienced increased levels of customer demand since Thomas Cook Group Plc entered into compulsory liquidation in late September 2019 and we continue to assess the impact this will have for our business in the coming months.

“Given the strengthening booking trend, the board now believes that current market expectations for group profit before foreign exchange revaluations and taxation for the year ending 31 March 2020 will be exceeded. 

“The board will provide a further update on publication of its interim results on 21 November 2019.

“Looking further ahead, our comments from the annual general meeting remain – given the cost pressures the travel industry is facing in general, which will intensify given the weakness in sterling, plus the deepening Brexit uncertainty and the impact this may have on consumer confidence, we remain very cautious in our outlook.”