Jet2 founder lowers stake after shares climb takes airline and holidays group’s value past £3bn

The founder of budget airline and holidays operator Jet2 has lowered his stake in the group after stepping down as its chairman last year.

Philip Neeson was succeed by Robin Terrell in September after announcing in July that he would be retiring.

According to a new filing with the London Stock Exchange, Neeson has decreased is stake in the Leeds Bradford Airport-based group from 18.32 per cent to 17.73 per cent.

He remains the largest single shareholder in Jet2 ahead of Silver Point Capital in second place on 7.1 per cent.

Other major investors in the London-listed group include Gobi Investment Partners, Artisan partners and Jupiter Asset Management.

When Neeson announced he was to step down, Jet2’s share price plunged from 1,263p to 1,131p.

However, after reaching a recent low of 991p towards the end of November 2023, Jet2’s shares have risen to around 1,446p today.

The increase in its share price has means that Jet2 is now worth more than £3bn.

The move comes after Jet2 hiked its annual profit forecast amid “robust” pricing and soaring demand for its package holidays and flights.

The airline and tour operator said it is anticipating group profit before foreign exchange revaluation and taxation of between £510m and £525m, up from prior guidance of £480m and £520m.

Jet2 said it had seen winter 2023/24 forward bookings had “performed well” and were up by 17 per cent, while average pricing remained robust. 

Sale seat capacity for the warmer months was 12.5 per cent higher than last year at 17.2m. Package holiday customers were also up 17 per cent, making up 77 per cent of departing passengers and in line with last summer.

At the time, chief executive Steve Heapy said: “We are pleased with how the 2024 financial year is ending and are encouraged by early bookings for summer 2024.”