Jet2-6
more bad news -
Jet2 Hols cancels all holidays & flights until at least 14 April 
No doubt TUI and EasyJet Hols will now follow suit sadly...
#NoEasterHols
Mr Hancock indicated today tough border measures may be in place until Autumn.....
No doubt TUI and EasyJet Hols will now follow suit sadly...
#NoEasterHols
Mr Hancock indicated today tough border measures may be in place until Autumn.....
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It's not surprising given that it will be end of April before over 50's are all vaccinated. However that group constitutes 99% of CV19 deaths. Once that group is done the risk of hospitals being overwhelmed drops markedly and comes more into line with what we would typically see with flu. There is the risk of new variants and I suspect we will see some border controls retained for some countries throughout the summer but given that the situation in most continental countries is also improving I can see a summer season albeit at some reduced capacity starting in May. The vaccination programme will also continue so the picture should continue to improve further after then.
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Depends on what you mean by "vaccinated" - SAGA Holidays require a second shot of the vaccine before they will allow you to travel, it will be July - August before the over 50s get their second dose.
I'm not sure family holidays will be possible either if a vaccination is required for the under 18s to cross borders, they are right at the back of the queue.
Some joined up thinking will be needed or this summer will go the same way as summer 20.
I'm not sure family holidays will be possible either if a vaccination is required for the under 18s to cross borders, they are right at the back of the queue.
Some joined up thinking will be needed or this summer will go the same way as summer 20.
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Fair point D9009 and I don't think we will be completely back to normal this year. What I do think we will see from start of May is a gradual reopening with the reinstatement of travel bridges with countries where infection rates are acceptably low. I would expect that to be combined with evidence of the receipt of 2 doses of vaccine at borders. Don't forget quite a few of the more mature folk amongst us and NHS staff, carers etc. will have had their second jab by then. If vaccines keep going into arms at the current rate I can see a good case to open up our borders where infection rates are low by late spring.
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I see Jet2PLC have raised £422 Million overnight, might help them in the long term.
https://www.insidermedia.com/news/yo...hrough-placing
Having said all that, todays Business section of The Times, the future depends on a restart sooner than later.
The company has issued this: https://www.jet2plc.com/Investor_Rel...February_2021/
Lets just hope the restart happens soon.
https://www.insidermedia.com/news/yo...hrough-placing
Having said all that, todays Business section of The Times, the future depends on a restart sooner than later.
The company has issued this: https://www.jet2plc.com/Investor_Rel...February_2021/
Lets just hope the restart happens soon.
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I was sure it was The Times, or Financial Times. However I stand corrected, its worse:
According to The Times, 12th Feb: https://www.thetimes.co.uk/article/j...torm-cg0zd9qsh
If you cannot access it, here is the quote in full:
"The company has cash of £479 million at present and potentially has access to Bank of England pandemic relief loans of £300 million.
It said that if it was not allowed to start flying properly again until the end of May its cash will have dwindled to about £190 million. If travel restrictions continue longer than expected it indicated that it will have run out of cash by the end of the summer."
Times are tough for all concerned
Just found this: https://www.jet2plc.com/Investor_Rel...February_2021/
Again to quote:
"The Group's current cash position as at 31 January 2021 comprised "Own Cash" of £479m and Total Cash (inclusive of advance customer deposits) of £772m (unaudited).
Jet2 continues to take every step necessary to preserve cash and enhance liquidity to deal with this most challenging of trading environments and the Group has the ability to continue to take additional liquidity actions if required.
Management has prudently prepared three indicative "no fly" scenarios of increasing durations being: restarting flying on 22 May 2021; restarting flying on 16 July 2021; and restarting flying on 1 September 2021. All three scenarios assume a ramp up of flying operations at reduced seat capacity with average load factors that are initially below historic levels. Further, the scenarios assume a cautious outlook for Winter 2021/22 and a full, unhindered Summer 2022 flying programme for the Group's financial year ending 31 March 2023.
Excluding the net proceeds of the proposed Fundraise, any CCFF proceeds, additional debt and/or mitigating actions, the Group's indicative cash flow scenarios show the following:
Restart Flying Scenarios*
Jet2 Own Cash** scenario period low
Calendar Year 2021 Calendar Year 2022
22 May 2021 c.£185-195m in May 2021 c.£360-370m in April 2022
16 July 2021 c.£125-135m in June 2021 c.£155-165m in April 2022
1 September 2021 c.£(15)-(5)m in August 2021 c.£(70)-(60)m in April 2022
Notes:
* Management indicative cash flow scenarios, unaudited and subject to change, for the month ends during the period ending 30 June 2022
**Calculated as total Group gross cash less advance customer deposits
According to The Times, 12th Feb: https://www.thetimes.co.uk/article/j...torm-cg0zd9qsh
If you cannot access it, here is the quote in full:
"The company has cash of £479 million at present and potentially has access to Bank of England pandemic relief loans of £300 million.
It said that if it was not allowed to start flying properly again until the end of May its cash will have dwindled to about £190 million. If travel restrictions continue longer than expected it indicated that it will have run out of cash by the end of the summer."
Times are tough for all concerned
Just found this: https://www.jet2plc.com/Investor_Rel...February_2021/
Again to quote:
"The Group's current cash position as at 31 January 2021 comprised "Own Cash" of £479m and Total Cash (inclusive of advance customer deposits) of £772m (unaudited).
Jet2 continues to take every step necessary to preserve cash and enhance liquidity to deal with this most challenging of trading environments and the Group has the ability to continue to take additional liquidity actions if required.
Management has prudently prepared three indicative "no fly" scenarios of increasing durations being: restarting flying on 22 May 2021; restarting flying on 16 July 2021; and restarting flying on 1 September 2021. All three scenarios assume a ramp up of flying operations at reduced seat capacity with average load factors that are initially below historic levels. Further, the scenarios assume a cautious outlook for Winter 2021/22 and a full, unhindered Summer 2022 flying programme for the Group's financial year ending 31 March 2023.
Excluding the net proceeds of the proposed Fundraise, any CCFF proceeds, additional debt and/or mitigating actions, the Group's indicative cash flow scenarios show the following:
Restart Flying Scenarios*
Jet2 Own Cash** scenario period low
Calendar Year 2021 Calendar Year 2022
22 May 2021 c.£185-195m in May 2021 c.£360-370m in April 2022
16 July 2021 c.£125-135m in June 2021 c.£155-165m in April 2022
1 September 2021 c.£(15)-(5)m in August 2021 c.£(70)-(60)m in April 2022
Notes:
* Management indicative cash flow scenarios, unaudited and subject to change, for the month ends during the period ending 30 June 2022
**Calculated as total Group gross cash less advance customer deposits
Last edited by ford cortina; 18th Feb 2021 at 18:49.
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I think you will find that those forecasts are excluding the share fundraiser and excluding the CCFF which they haven’t utilised yet. Admittedly still not great, but they can draw on an additional £422mil from the share issue and £300mil from the CCFF, so not quite running out of cash by the end of the Summer! Added to that they are talking about their own cash in those forecasts, not including customer deposits, which they keep separate.
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Oceanic815, you are correct, however, I think you will find I never claimed the Share Fundraising and the CCFF were included.
All I have only shown you Jet2PLC's own words, they are not mine.
As for ringfencing customers money, well thats another reason why we have used Jet2 on many occasions for a holiday. I am very happy with their customer service, it is exemplary.
But as I said all I have done is show their own numbers and words.
and they are:
Between 12th Feb and 22nd May they will burn through c.£284 Million
to 16th July, c.£344 Million
and 1st September, c,£484 Million
Amyway you cut it, its going to be tough, I can only imagine some downsizing may be needed
All I have only shown you Jet2PLC's own words, they are not mine.
As for ringfencing customers money, well thats another reason why we have used Jet2 on many occasions for a holiday. I am very happy with their customer service, it is exemplary.
But as I said all I have done is show their own numbers and words.
and they are:
Between 12th Feb and 22nd May they will burn through c.£284 Million
to 16th July, c.£344 Million
and 1st September, c,£484 Million
Amyway you cut it, its going to be tough, I can only imagine some downsizing may be needed
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Ford cortina, it was more in response to the Times article. They do like to grab a headline. The info you posted from Jet2 itself was what I had seen. I think a lot will depend on what Boris says next week. As for downsizing, it’s possible, but personally I don’t think so. When they are given the green light for holidays, I suspect the pent up demand will mean everyone is required!
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