Shares of Leeds-based Jet2 plc — formerly called Dart Group — fell about 8% on Thursday after it published results for the half year ended September 30, 2020, showing an 88% fall in revenue.

Jet2 said revenue plunged 88% to £299.9 million from £2.53 billion after “a period of unprecedented operational and financial challenges” as the Covid-19 pandemic resulted in lockdowns and travel restrictions.

The company swung to a £119.3 million pretax loss for the six months compared to a £337 million profit a year before.

In his outlook, Jet2 executive chairman Philip Meeson said: “When the financial year began, very few people could have foreseen the prolonged impact of the pandemic.

“Jet2 plc has adapted quickly to the challenges presented by taking considered, but decisive actions to bolster its liquidity, minimise losses and reduce cash burn.

“Throughout, we have taken a disciplined approach to flying capacity which has seen us positively contribute to our fixed costs and deliver a better than expected cash position to the scenarios modelled at the time of the placing in May. 

“At this stage, we anticipate winter 20/21 seat capacity will be approximately 50% less than winter 19/20.

“And, with travel advice remaining uncertain, we expect forward bookings to continue to display a pronounced shorter lead time than in previous years.  

“Whilst the recent positive news about a potential vaccine was welcome, we continue our cautious approach to summer 2021.”