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has inexplicably ignored those by allowing such huge quantities to go into planes.” He added: “This effectively


guarantees the government’s stated aim of having five SAF plants under construction in 2025 won’t happen.” The government described


the mandate as an “ambitious but achievable target” that will see around 1.2 million tonnes of SAF supplied a year to UK airlines – claimed to be enough to circle the globe 3,000 times. The aim of the plan is to


ensure 10% of all jet fuel in flights taking off from the UK comes from sustainable sources by 2030, and that SAF is created in ways that are better for the environment, encouraging techniques that turn renewable energy into fuel, known as power-to-liquid. The mandate will come into


force in January 2025, subject to parliamentary approval. Airports UK chief executive


Karen Gee said: “We are pleased that the government has brought forward proposals for a mandate and revenue certainty scheme, that will send the message to investors that the UK is serious about developing its own production facilities.” Abta chief executive Mark


Tanzer welcomed the fact that “government and industry are aligned in the ambition to integrate the use of SAF into UK aviation” but said the government “needs to put the right infrastructure in place” for the mandate to become a reality. He argued: “We need the


government’s support in a number of areas, including establishing a domestic industry for production of SAF.”


Jet2 tips 33% profit rise to £515m for 2023-24


Phil Davies


Jet2 expects its 2023-24 annual profit to rise by a third over the previous year on the back of strong sales. The company predicted a pre-tax


profit for the year to March 31 of between £515 million and £520 million against a previous forecast of £510 million to £525 million. However, the increase of about


33% year on year was described in a trading update as being in line with current market expectations. The group’s balance sheet was


reported as being “very strong” with total cash of £3.2 billion and a balance excluding customer advance deposits of £1.3 billion. Seat capacity for summer 2024 is


currently 12.3% higher than last year at 17.1 million seats with the season 55% sold, while average load factors are one percentage point ahead of summer 2023 at the same point. Forward bookings for package


Royal Caribbean predicts 60% hike in yearly earnings


Royal Caribbean Group reported the best wave season in its history and a “record” booked position as it forecast “60% earnings growth year over year” in a quarterly update. The company, which operates


Royal Caribbean International, Celebrity Cruises and Silversea, said the record peak sales related to


46 2 MAY 2024 travelweekly.co.uk


Jet2 capacity is 55% sold for this summer


holiday customers are up by 13%, with Jet2 also reporting “healthy demand” from flight-only passengers with bookings up by more than 18%. “Consequently, the package


holiday mix of total passengers is 74% and one percentage point below last year,” the company disclosed. Pricing for summer 2024


bookings is showing a “modest increase” versus last year. This is helping to mitigate previously announced increases in input costs, “although recently, pricing has been more competitive, particularly for April and May departures”.


Jet2 said: “Operationally we are


well set for a successful summer 2024 season with the required number of aircraft to support our flying programme and sufficient, fully trained resources to operate to our normal high standards of customer care. “We are also over 90% hedged


for fuel for the season and over 80% for the full financial year in line with our well-established hedging policy, providing important cost certainty given unfolding events in the Middle East.” The group added: “In summary,


we are pleased with our progress for full-year 2024-25 to date although, as ever, we remain mindful of macroeconomic and geopolitical environments and how these may impact future consumer spending. “Consequently, and with over


40% of summer 2024 and the majority of winter 2024-25 seasons still to sell, it is too early to provide guidance as to group profitability for full-year 2024-25.”


both demand and pricing. Jason Liberty, group chief


executive, hailed the three months to March 31 as a “great start to the year” as he revealed the company was on track to achieve a series of financial goals called the Trifecta programme by the end of 2024, a year ahead of schedule. Net income for the first quarter


of 2024 was $360 million compared to a year-on-year net loss of $48 million, while load factors were 107% and the group’s customer deposit balance was $6 billion. Liberty said achieving the


Jason Liberty


Trifecta goals would allow the company “to focus on a new era of growth to drive long-term shareholder returns and take a greater share of the rapidly growing $1.9 trillion global vacation market”.


PICTURE: Shutterstock/Photofex_AUT


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