Took £400m boost from Iran war jet fuel spike

Jet2 secured a £388m balance-sheet boost as rising jet fuel prices—triggered by the Iran war—sent UK travel firms into financial uncertainty. The holiday provider said it offset broader travel chaos tied to the Middle East conflict by benefiting from favourable fair-value movements in jet fuel derivatives, supported by earlier fuel contracts locked at lower prices. Jet2 reported that uncertainty is affecting consumer timing, with customers booking more last minute than usual. In the year to the end of March, cash inflow fell 67% to £77m, while revenue rose 4% to £7.5bn and profit before tax slipped 7% to £551m. Operationally, it increased seat capacity by 8% to 24m and carried 20.8m passengers, up 5%. Jet2 also announced a £250m share buyback and plans a six-aircraft Gatwick operation. Founded in 2003, the AIM-listed company is based at Leeds Bradford Airport.