Jet2 reported a £388 million accounting gain from its jet fuel hedging strategy, helping offset travel disruption and booking uncertainty caused by Middle East tensions while maintaining a strong financial position.

Jet2 took a £400m upside from the rising jet fuel prices which caused widespread fear that summer holidays could be cancelled and airlines could go bust.

The flight and holiday provider reported a pre-tax profit of £551 million for the year to the end of March, down 7% from £593 million a year earlier.

Jet2 reported a £388 million accounting gain from its jet fuel hedging strategy, helping offset travel disruption and booking uncertainty caused by Middle East tensions while…