Covid-19 had a "devastating" impact on Leeds-based airline Jet2.com, which recorded losses totalling hundreds of millions of pounds during the first year of the pandemic.
The company's latest accounts - which were recently published - make for grim reading, with a giant nine-figure sum wiped from the company's takings.
Jet2.com reported pre-tax losses of £373.8 million as passenger numbers plummeted 90 per cent in the year to March 2021.
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In the year to March 2020, 14.62m passengers flew with Jet2. A year later, this fell to just 1.32m.
"The pandemic has had an unprecedented impact on Jet2 plc and the Leisure Travel industry as a whole," said executive chairman Philip Meeson.
"Extensive restrictions... meant our aircraft fleet was fully grounded for approximately 29 weeks of the financial year and operated with a significantly reduced programme when flying was permitted."
The losses of £373.8m were marginally reduced after foreign currency revaluation. However, the overall figures still represented a 340 per cent decrease on the previous year's takings, when the company reported profits of £155.8m.
Despite the uncertainty created by the pandemic, Jet2 started flying from Bristol Airport this year - its tenth UK base.
Mr Meeson also said the airline took "decisive action" to minimise the disruption caused by Covid-19.
"Jet2 plc’s strong financial foundations and previously positive long term operational and financial performance, has enabled rapid access to £1.6bn of additional funding since the outset of Covid-19," he said.
Jet2 customer refunds
With flights grounded for several months, passengers were left unable to fly abroad. For thousands of Jet2 customers, this meant getting a refund on pre-booked holidays.
Since the start of the pandemic, Jet2 has processed more than £1.4bn in refunds to passengers.
However, Mr Meeson believes people are now more keen than ever before to fly abroad as travel restrictions gradually ease.
"We know that there is enormous pent-up demand for our holiday flights and ATOL protected package holidays and that customers want nothing more than to getaway on one of the most important family experiences of the year," he said.
"We are confident that once normality returns, they will be even more determined to enjoy the wonderful experience of a well-deserved Jet2 holiday."
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