Interim Results

Dart Group PLC
16 November 2000


For Immediate Release                                          16 November 2000

                                 ANNOUNCEMENT


                                DART GROUP PLC

          Interim Results for the Six Months Ended 30 September 2000


Dart Group PLC, the distribution and aviation services group, announces its
interim results for the six months ended 30 September 2000.


CHAIRMAN'S STATEMENT


I am pleased to report on the Group's trading for the six months ended 30
September 2000. For the first time the results include a full six months'
contribution from Coolchain, which was acquired on 30 November 1999.  Profit
before tax has risen to £4.7m (1999: £3.5m) on turnover of £94.4m (1999: £
59.6m) and earnings per share have risen to 9.19p (1999: 7.49p).  Gearing at
the half-year was 18.5% (1999 : 9.7%).  The Board has declared an interim
dividend of 1.8p per share (1999: 1.46p) which will be paid on 5 January 2001
to shareholders on the register as at  1 December 2000.



Distribution



The Group's Distribution Division comprises Fowler Welch, Coolchain and
Channel Express (CI) which together specialise in the distribution by road of
fresh produce, cut flowers and other temperature-controlled goods on behalf of
growers, importers and other suppliers to leading supermarkets and wholesale
markets nationwide.



The division has a network of consolidation and distribution centres
strategically situated in the country's key growing and importing areas.  Its
primary centres are in Spalding, Lincs., Portsmouth, Hants., and Teynham and
Paddock Wood, Kent and these are supported by 13 smaller facilities on the UK
mainland and in the Channel Islands.   Fowler Welch's Dutch subsidiary,
Fowler Welch BV, based near Rotterdam, operates a scheduled service by road
and sea to the UK, principally serving the horticultural market.



Coolchain has completed its first half-year in the Group's ownership.  During
this time both Fowler Welch and Coolchain have continued to expand their
businesses through attracting increased volumes from their customers into the
distribution network.  Coolchain has been particularly successful in securing
the distribution of the whole of the Canary Islands tomato imports from the
Port of Southampton.  It is now enlarging its dedicated operating base at that
port  to handle the additional volumes.  From its nearby Portsmouth centre,
Fowler Welch is providing logistics support, thereby creating cost
efficiencies through optimum management of the two companies' resources.



Since July, Coolchain has also been working in co-operation with A Wood & Sons
(Detling) Ltd, a temperature-controlled distribution company, specialising in
fresh produce and chilled and frozen foods distribution, with facilities in
Detling, Kent and Gateshead, Tyne and Wear.  On 4 October 2000, Coolchain took
over the distribution business of A Wood & Sons (Detling), for a nominal
consideration, and initiated a programme to integrate its operations into the
distribution network.  Although only recently commenced, this integration is
progressing well and is proving an ideal fit with Coolchain's existing
business.



In view of the growth in the size and complexity of the division, it is
planned to replace the existing operational computer systems with one common
platform. A final decision on the selection of a suitable package will be
taken shortly with implementation across the division due to commence in 2001.
  The new system will also interface seamlessly with the division's trailer
satellite tracking system which is progressively being introduced.  These two
important management tools will bring greater efficiency in resource
deployment and allow precise monitoring of the road fleets.



The Group's strategy is to grow the Distribution Division organically,
augmented by the acquisition of carefully targeted, complementary businesses.
Together, the companies within the division are now the UK's largest
distributors of fresh produce and horticultural products, with the resources
to continue to invest in the infrastructure necessary to provide the service
levels expected by their customers and to expand the  range of
temperature-controlled distribution and added-value services offered.



Aviation Services



The companies within the Aviation Services Division are Channel Express (Air
Services), which specialises in the operation of freighter aircraft on behalf
of express parcel carriers, postal authorities, freight forwarders and other
airlines, and Benair Freight International, which manages international
freight movements on behalf of a wide customer base.



Channel Express (Air Services) currently operates 15 freighter aircraft
offering payloads of 6 tonnes (Fokker F27s), 15 tonnes (Lockheed Electras) and
45 tonnes (Airbus A300 Eurofreighters).   The aircraft are primarily
contracted to fly nightly on behalf of express parcel carriers within Europe
and the Royal Mail within the UK, together with services on behalf of
passenger airlines needing supplementary cargo capacity.  Much additional
charter flying is also being undertaken on behalf of companies operating 'just
in time' parts stock policies, especially in the European automotive and
telecommunications sectors.  A Fokker F27 aircraft is presently dedicated to
this business and has been particularly busy in recent months. Contracts with
the company's customers generally provide for it to pass on third party
charges such as fuel and airport costs.  This has largely protected margins
over recent periods of escalating fuel prices.



Air cargo continues to be forecast to grow at a rate in excess of 6% per annum
giving Channel Express (Air Services) continuing opportunities for future
profitable growth as further aircraft are added to the fleet.



The company's aircraft parts business, Channel Express Parts Trading, has
continued to profitably develop its sales.  The operation specialises in
supporting both the company's aircraft and the growing fleets of Airbus A300
freighters in Europe. It has now completed the dismantling of 4 A300 aircraft
to provide the base of its parts stock and this has proved to be a successful
formula for the support of both Channel Express (Air Services)' own and other
customers' aircraft.  The division looks forward to expanding its parts
trading operations together with other aviation support services in line with
the growth of its aircraft fleets.



The Group's international freight management company, Benair Freight
International, specialises in serving the US and Far East and has a niche
business importing and distributing ornamental fish.   The company gives a
specialist and personal service in its markets enabling it to successfully
differentiate itself from the majority of its competition.   Work continues to
profitably develop Benair's business.



Outlook



Finally, I am pleased to report that trading during the second half of the
year continues satisfactorily.




Philip Meeson,
Chairman.                                                      16 November 2000






Unaudited Interim Consolidated Results

for the half year to 30 September 2000




                                                 Half year  Half year   Year to
                                                        to        to   31 March
                                                        30         30      2000
                                                 September  September
                                                     2000        1999 (audited)
                                          Note (unaudited) (unaudited)    £'000
                                                     £'000      £'000

Turnover - continuing operations              1     94,407     59,577   131,450

Net operating expenses, excluding
amortisation of goodwill                          (89,212)   (55,874) (123,680)
Amortisation of goodwill                             (248)          -     (165)

Net operating expenses                            (89,460)   (55,874) (123,845)

Operating profit - continuing operations             4,947      3,703     7,605

Surplus on disposal of fixed assets                     42          1       358
Net interest payable                                 (292)      (249)     (702)
Profit on ordinary activities

before taxation                                      4,697      3,455     7,261

Taxation                                           (1,564)    (1,026)   (2,376)

Profit on ordinary

activities after taxation                            3,133      2,429     4,885

Dividends                                            (614)      (497)   (1,676)

Retained profit for the period                       2,519      1,932     3,209


Earnings per share

-basic                                               9.19p      7.49p    14.69p
-basic, excluding the amortisation of                9.91p      7.49p    15.19p
goodwill
-diluted                                             9.10p      7.43p    14.57p

Dividend per share                                   1.80p      1.46p     4.27p




Statement of Total Recognised Gains and Losses

                                                 Half year  Half year  Year to
                                                        to         to 31 March
                                                        30         30    2000
                                                 September  September (audited) 
                                                      2000       1999 
                                               (unaudited) (unaudited)    £'000

                                                     £'000      £'000
Profit on ordinary activities after                  3,133      2,429    4,885
taxation
Foreign exchange gain on foreign equity

investments                                             21          5        8

Total gains and losses recognised in the             3,154      2,434    4,893
period



Consolidated Balance Sheet
at 30 September 2000


                                                                 2000      2000
                                                         30 September  31 March
                                                          (unaudited) (audited)
                                                    Note        £'000     £'000

Fixed assets
Intangible assets                                               9,522     9,768
Tangible assets                                                30,446    32,686
Investments                                                        59        59
                                                               40,027    42,513

Current assets
Stock                                                           2,016     1,773
Debtors                                                        29,901    25,189
Cash at bank and in hand                                        8,698     7,655
                                                               40,615    34,617

Current liabilities



Creditor amounts falling due within one year                 (39,321)  (34,868)

Net current assets/(liabilities)                                1,294     (251)

Total assets less current liabilities                          41,321    42,262


Creditors amounts falling due after more than one
year
                                                              (9,631)  (13,485)

Provision for liabilities and charges                         (3,334)   (3,029)
                                                             (12,965)  (16,514)

                                                               28,356    25,748
Capital and reserves

Called up share capital                                         1,707     1,704
Share premium account                                           7,503     7,438
Profit and loss account                                2       19,146    16,606

Shareholders' funds - equity interests                         28,356    25,748




Consolidated Cash Flow Statement

for the half year to 30 September 2000




                                               Half year to  Half year  Year to
                                               30 September   to 30    31 March 
                                                      2000   September  2000
                                       Notes    (unaudited)    1999   (audited)
                                                    £'000  (unaudited)    £'000
                                                                £'000

Net cash inflow from operating              3        13,355      8,778   16,619
activities


Returns on investment and servicing of
finance

Interest paid: bank and other loans                   (472)      (401)    (958)
Interest element of finance lease                      (20)       (31)     (60)
rental payments
Interest received: bank                                 200        183      316
                                                      (292)      (249)    (702)
Taxation

Corporation tax paid                                  (252)      (192)  (1,790)

Capital expenditure and financial
investment

Purchase of tangible fixed assets                   (7,462)    (5,740) (11,742)
Disposal of tangible fixed assets                       528        140    8,824
Purchase of investments                                   -          -     (31)
Disposal of investments                                   -          -      160
                                                    (6,934)    (5,600)  (2,789)
Acquisitions

Purchase of subsidiary undertakings                       -          - (14,667)
Net cash acquired with subsidiary                         -          -      384
undertakings
                                                          -          - (14,283)


Equity dividends paid                               (1,179)      (973)  (1,467)


Cash inflow/(outflow) before management
of liquid resources and financing
                                                      4,698      1,764  (4,412)

Management of liquid resources                            -      4,549    4,549


Financing

Share capital issued                                     68      2,942    2,961
Other loans repaid                                  (3,374)    (1,670) (14,019)
Bank loans repaid                                     (173)      (172)  (1,821)
Other loans advanced                                      -          -   16,000
Finance lease capital                                 (176)      (147)    (201)
                                                    (3,655)        953    2,920

Increase in cash in the period                        1,043      7,266    3,057





1. Turnover
                                           Half year to  Half year to   Year to
                                            30 September 30 September  31 March
                                                    2000         1999      2000
                                             (unaudited)  (unaudited) (audited)

                                                   £'000        £'000     £'000
Distribution                                      57,815       29,439    70,164
Aviation services                                 36,592       30,138    61,286
                                                  94,407       59,577   131,450

Turnover arising within:
The United Kingdom and the Channel Islands        91,841       58,932   129,515
Mainland Europe                                    1,836            -       663
The Far East                                         730          645     1,272
                                                  94,407       59,577   131,450



Analyses of profit before taxation and net assets between the different
segments of the Group are not given as, in the opinion of the Directors, such
analyses would be seriously prejudicial to the commercial interests of the
Group.



2.  Profit and loss account


                                                     Half year to      Year to
                                                      30 September     31 March
                                                              2000         2000
                                                       (unaudited)    (audited)
                                                             £'000        £'000

Balance at the beginning of the period                      16,606       13,389
Retained profit for the period                               2,519        3,209
Currency translation differences                                21            8
                                                            19,146       16,606



3.   Reconciliation of operating profit to net cash flow from operating
activities


                                  Half year to       Half year to       Year to
                                  30 September       30 September      31 March
                                          2000               1999          2000
                                   (unaudited)        (unaudited)     (audited)
                                         £'000              £'000         £'000

Operating profit                         4,947              3,703         7,605
Depreciation                             7,548              4,932        11,455
Amortisation of goodwill                   248                  -           165
Increase in stock                        (243)               (38)         (251)
Increase in debtors                    (4,712)            (1,252)       (5,806)
Increase in creditors                    5,546              1,428         3,443
Exchange differences                        21                  5             8
                                        13,355              8,778        16,619



4.   Reconciliation of net cash flow to movement in net debt


                                                Half year   Half year  Year to
                                                       to          to 31 March
                                                       30          30     2000
                                                September   September (audited) 
                                                     2000        1999  £'000    
                                              (unaudited) (unaudited)           

                                                     £'000       £'000

Increase in cash in the period                       1,043       7,266    3,057
Cash outflow from short term deposits                    -     (4,549)  (4,549)
Cash inflow from decrease in net debt in the         3,723       1,989       41
period
Debt acquired with subsidiary undertaking                -           -  (1,476)
Change in net debt in the period                     4,766       4,706  (2,927)
Net debt at 1 April                                (9,999)     (7,072)  (7,072)
Net debt at end of period                          (5,233)     (2,366)  (9,999)




5.   OTHER MATTERS



The financial information for the year to 31 March 2000 does not constitute
statutory accounts, as defined in Section 240 of the Companies Act 1985, but
is based on the statutory accounts for the year then ended.  Those accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.



The accounts to 30 September 2000 have been prepared using accounting policies
consistent with those adopted for the year to 31 March 2000.



Basic earnings per share has been calculated by reference to earnings of £
3,134,000 (1999 : £2,429,000) and a weighted average number of ordinary shares
in issue of  34,111,600 (1999: 32,425,030).



This report is being sent to all shareholders and copies will be available
from the Company Secretary at the registered office of the Company, Building
470, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.