Jet2, the London-listed leisure travel group, has announced a significant £250 million share buyback program following a robust fiscal performance. The company expects to report a profit before foreign exchange revaluation and taxation of between £565.0 million and £570.0 million for the year ended 31 March, marking a 9% increase from the previous year. This move underscores Jet2's confidence in its sustainable cash-generative business model and strong balance sheet, which boasts total cash of £3.2 billion and an 'Own Cash' balance of £1.1 billion at the end of FY25.

The share buyback initiative is set to enhance earnings per share by cancelling the repurchased shares, a strategy that has been well-received by the market. Peel Hunt analysts described the buyback as 'very positive,' highlighting the company's robust financial health. Jet2's decision reflects a broader trend among corporations with strong cash positions to return value to shareholders, albeit in a manner that favors institutional investors over private ones, especially those investing through tax-free wrappers like ISAs.

Looking forward, Jet2 is optimistic about its growth prospects, with 'on sale capacity' for summer 2025 currently 8.3% higher than the previous year, totaling 18.6 million seats. This expansion is partly attributed to the company's new bases at Bournemouth and London Luton airports, which contribute approximately 4% of the growth. Despite the positive outlook, Jet2 acknowledges the challenges posed by limited visibility and a trend towards later booking profiles in the travel sector.

The announcement has had a palpable impact on Jet2's stock, with shares climbing nearly 15% following the release of its trading statement. Analysts from RBC and Peel Hunt have lauded the company's strong return on invested capital and attractive valuation, suggesting that Jet2's integrated model and customer experience position it well for continued growth and value creation in the competitive leisure travel market.

A remarkable collection of scientific papers belonging to Alan Turing, the renowned Second World War codebreaker and pioneer of computer science, has been discovered in a loft and is set to be auctioned next month. The archive, which includes a signed personal copy of Turing's 1939 PhD dissertation 'Systems Of Logic Based On Ordinals' and his seminal 1937 paper 'On Computable Numbers', was nearly shredded before its historical significance was recognized.

The papers, described as the first programming manual of the computer age, were originally gifted to Turing's friend and fellow mathematician Norman Routledge by Turing's mother, Ethel. After Routledge's death in 2013, the documents were stored in a relative's loft, where they remained unnoticed until recently. The discovery was made when Routledge's nieces and nephews were sorting through his belongings and considered discarding the papers, unaware of their value.

Rare Book Auctions in Lichfield, Staffordshire, which is handling the sale, has valued Turing's PhD dissertation alone at between £40,000 and £60,000. The collection also includes letters from novelist EM Forster and a telegram from Turing to Routledge, adding to its historical and academic significance. The papers, known as 'offprints', were produced in limited quantities for academic circles, making them rare finds in today's market.

Alan Turing's contributions to computer science and his role in breaking the Enigma code during the Second World War have cemented his legacy as one of the most influential figures of the 20th century. The upcoming auction offers a unique opportunity for collectors and institutions to own a piece of this legacy, shedding light on the personal and professional life of a man whose work continues to impact the world today.