IFRS restatement 2006/07

Dart Group PLC
05 November 2007



                                 Dart Group PLC

       Dart Group restates its 2006/2007 Financial Information under IFRS


On 22 November 2007, Dart Group PLC ('the Group') will be announcing its interim
results for the six months ended 30 September 2007. As required by AIM Rules, 
results for this and subsequent periods will be reported under International 
Financial Reporting Standards. In those interim results, the Group will also 
restate its financial information under IFRS for the year ended 31 March 2007 
and for the six months ended 30 September 2006.

Whilst there is no change in the Group's cash flows, this restatement has a
particular impact on the treatment of contracts taken out to hedge the Group's
exposure to fuel and foreign currency movements, the effect of which is to alter
the timing of recognition of changes in value of these contracts.

To highlight the effect of the restatement under IFRS and how the Group will
present this in future results announcements, the headline consolidated
financial results for the Group under IFRS for the year ended 31 March 2007 are
summarised below, alongside the equivalent numbers reported under UK GAAP for
that period. In addition, in the final column the results for the same period
are shown for information, as if hedge accounting under IFRS had been possible
in the period for all relevant derivative contracts.

Dart Group will present its future results, including the interim results to be
released on 22 November 2007, in the same manner, showing both the actual IFRS
presentation and, for information purposes, as if hedge accounting under IFRS
could have been adopted in 2006/7 for all relevant derivative contracts.


                                                  IFRS restatement 
£m (except as               UK            IFRS      assuming hedge
indicated)                GAAP     restatement          accounting
                      (audited)     (unaudited)         (unaudited)

Income Statement

Turnover                 352.0           349.0               349.0

EBITDA (1)                40.0            22.1                39.8

Operating Profit(1)       18.6             1.2                18.9

Profit/(loss) before
taxation (1)              15.9            (3.6)               14.1

Profit attributable
to equity shareholders    13.6             0.7                13.1


Balance sheet

Net assets                71.1            59.0                59.0


Earnings per Share (p)     9.73           0.53                9.37




Notes

(1) The above UK GAAP figures for EBITDA, Operating Profit and Profit before
taxation exclude the £2.2m profit which the group made on the sale of Channel
Express (CI) Limited during the year ended 31 March 2007. This is to make them
comparable to the equivalent IFRS figures which only show profits in relation to
discontinued operations below the Profit before tax line.


Treatment of Derivative Transactions

Dart Group utilises foreign exchange contracts and fuel forward contracts to
hedge its exposure to US$ and Euro exchange rates and Jet Fuel prices as a
result of its aviation activities. The Group's policy is to hedge these risks in
advance of the relevant cash expenditure in order to minimise variation in the
Group's cost base.

Under UK GAAP, the Group hedge accounted for such instruments, deferring
recognition of the contract until maturity and reporting the underlying
transaction at the contracted rate. The fair value of these instruments was
reported in Note 18 to the Accounts.

Under IFRS, from 1 April 2007, the Group will also hedge account for these
instruments, having put the necessary documentation in place to meet the
requirements of the new Standards. As such, any movements in the fair value of
these contracts, prior to maturity, will be reported in Reserves (without
impacting the Profit & Loss Account for the relevant period), as long as these
instruments effectively hedge the relevant risks.

The hedge documentation required under IFRS differs from that required under UK
GAAP and this was not in place for the year ended 2006/7. As a result, hedge
accounting cannot be adopted in restating the results for this period in
accordance with IFRS and therefore fair value movements must be reported within
the Profit & Loss Account.


Impact on Restatement of 2006/7 Results

The unavailability of hedge accounting under IFRS for derivative contracts
results in a timing difference in the recognition of changes in the value of
these contracts which will reverse in subsequent accounting periods.

The aggregate impact of the restatement of derivative transactions on the year
ended 31 March 2007 is to reduce profit by £19.3m and decrease net assets at
that date by £12.6m. This reflects the movement in the fair value of derivatives
in the period and an adjustment to the carrying value of aircraft and engines to
reflect the use of spot rather than hedged exchange rates in establishing the 
pound sterling value of these assets.

Of this aggregate adjustment, £17.7m is the timing difference, which relates to
contracts that would have been eligible for hedge accounting under IFRS if
appropriate documentation had been in place. Accordingly, the final column above
presents 2006/7 results as if hedge accounting had been applied to these
contracts to allow a comparison of the underlying performance of the business
going forward.

Under the required IFRS treatment, the £17.7m charge to Profit & Loss Account in
2006/07 will reverse in future periods (via a reduction in the fuel costs,
depreciation and other operating costs that the business would otherwise have
recorded) as the relevant contracts mature. Again in those future periods, these
movements will also be presented, for information purposes, on a fully hedge
accounted basis to allow a comparison of the underlying performance of the
business.

The remaining £1.6m of the adjustment relates to the differing treatment under
IFRS of hedging instruments which include option structures and over-hedged
positions. A similar level of difference between UK GAAP and IFRS is to be
expected in respect of these positions for 2007/8.


Other Impacts of the adoption of IFRS

In addition to the changes in the treatment of derivatives, goodwill is no
longer amortised under IFRS, increasing the 2006/7 operating profit by £0.5m. In
presentation terms only, there are also changes to the treatment of a business
which was discontinued in 2006/7 and to the classification of certain spare
parts.

For full details of the restatement please visit the Dart Group website
www.dartgroup.co.uk.



For further information, please contact:

Andrew Merrick
Group Finance Director

07788 565358
0113 238 7444


Andy Pedrette
Smith & Williamson Corporate Finance Limited

020 7131 4368



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