Interim Results

Dart Group PLC
20 November 2003


                                                               20 November 2003




                                 DART GROUP PLC
           Interim Results for the Six Months Ended 30 September 2003


Dart Group PLC, the aviation services and distribution group, announces its
interim results for the six months ended 30 September 2003.


CHAIRMAN'S STATEMENT

I am pleased to report on the Group's trading for the six months ended 30
September 2003.  Profit before tax and amortisation of goodwill has risen to
£7.4m (2002 -  £5.7m) on turnover of £119.7m  (2002 - £103.6m).   Turnover
increased in the Aviation Services Division primarily as a result of our
scheduled low cost airline, Jet2.com, flying for a full six months.  Turnover
fell slightly in the Distribution Division as a result of the closure of produce
distribution operations at Paddock Wood, Kent and the withdrawal from fruit
packing in Teynham, Kent.

The seasonal pattern of profitability has changed with first half profits being
higher than the second half as a result of Jet2.com being profitable during the
summer and loss-making during the winter.

First half capital expenditure amounted to £19.0m, the largest component being
the previously announced purchase of seven Boeing 737-300 aircraft, which are
now subject to engineering and conversion works prior to entering service.
Interest cover was 29 times (2002 - 10 times).  Net borrowings marginally
increased to £28.5m (31 March 2003 - £28.2m).    Gearing at the half year was
69%  (31 March 2003 - 76%).

The majority of the Group's debt is denominated in US dollars, which provides a
natural hedge to the Boeing 737 assets held in the balance sheet in US dollars.
The Group has significant US dollar expenditure offset in part by material US
dollar income.   In general, a weak dollar benefits the Group, however future
profit growth will be held back as a number of attractively priced forward
currency contracts will have all matured this financial year.

The Board has declared an unchanged interim dividend of 1.85p per share.  The
dividend will  be paid on  8 January 2004  to shareholders on the register as at
28 November 2003.


Aviation Services

The Aviation Services Division comprises Channel Express (Air Services) and
Benair Freight International, the Group's freight forwarder.   Channel Express
operates contract charter services on behalf of express parcel companies,
freight forwarders and Royal Mail, together with passenger charters.   Scheduled
low-cost services, under the brand name Jet2.com, were commenced in February of
this year.

The company's fleet consists of Airbus A300-B4 Eurofreighters, Boeing 737-300
passenger and Quick Change aircraft and Fokker F27 freighters.  The A300-B4
Eurofreighter fleet is wholly contracted to the operation of overnight express
parcel services.  The company's F27s are contracted to fly on behalf of Royal
Mail and newspaper publishers and also operate scheduled cargo services to the
Channel Islands.

As previously announced, a further seven Boeing 737-300s were purchased in this
first half  from the receivers of Ansett Airlines of Australia, taking this
fleet to 14 aircraft.    Seven are now operating in the freight and passenger
markets with the remainder either awaiting conversion to Quick Change
configuration, allowing them to fly both passenger and cargo services, or
awaiting engineering checks prior to entry into service.   We expect our Quick
Change aircraft to fly night-time freight services for overnight express
carriers or Royal Mail and passenger charters during the day.

Jet2.com will allow the Group to reduce its dependence on the increasingly tight
margin business-to-business sector.   Based at Leeds Bradford International
Airport, this business has met expectations in its first six months of services.
However, Jet2.com has an extensive pilot conversion programme in order to
expand operations in 2004 and will lose money in the weaker trading winter
months.   Whilst the overall outlook appears promising, we do not discount the
intensely competitive environment we are trading in.

Benair Freight International has had a successful first half with turnover and
profits ahead of last year.   Both its core freight operations and its
specialist ornamental fish importing business experienced continuing growth.


Distribution

Fowler Welch - Coolchain distributes fresh produce, flowers and
temperature-controlled products on behalf of supermarkets and to wholesale
markets throughout the United Kingdom.   Trading conditions remain difficult
with supermarket customers demanding the highest level of service for the lowest
possible price.  Over the past year a fundamental reorganisation and
rationalisation of this business has been undertaken with the aim of becoming
one of the most efficient operators in the sector.   Further work to integrate
all the Division's distribution activities remains, however, and, whilst we
continue to win new business, we do not expect to see a resumption in profit
growth until the reorganisation is substantially complete and the Division's
management can turn its attention to expansion.    Reorganisation of the
Division's European operations is also underway to integrate them into the
single distribution system, thereby reducing overheads and increasing
efficiencies through the sharing of resources, in order to meet competitive
pressures.

Our Channel Islands-based business is retaining its share of the Channel
Islands' freight market but continues to suffer from the decline in the Islands'
horticultural exports.   However, new business is being gained and the company
makes a valuable contribution to divisional profitability.


Outlook

The results for the year remain difficult to predict.   Much will depend on the
performance of Jet2.com over the winter.   However, I remain cautiously
optimistic that we will achieve an acceptable result for the full year.


Philip Meeson,
Chairman                                                20 November 2003


www.dartgroup.co.uk


Enquiries: Philip Meeson, Chairman
Tel: [phone]                                       Mobile:  [phone]

Mike Forder, Group Finance Director
Tel: [phone]                                       Mobile:  [phone]



UNAUDITED INTERIM CONSOLIDATED RESULTS
for the half year to 30 September 2003

                                                                        Half year to    Half year to     Year to
                                                                        30 September    30 September    31 March
                                                                                2003            2002        2003
                                                                         (unaudited)     (unaudited)   (audited)
                                                               Note            £'000           £'000       £'000

Turnover - continuing operations                                  1          119,661         103,585     198,176
Net operating expenses,
           excluding amortisation of goodwill                              (112,496)        (97,329)   (189,354)
Amortisation of goodwill                                                       (248)           (248)       (497)

Net operating expenses                                                     (112,744)        (97,577)   (189,851)

Operating profit - continuing operations                                       6,917           6,008       8,325


Profit on disposal of fixed assets                                               446              10          82
Net interest payable                                              2            (237)           (593)       (989)


Profit on ordinary activities before taxation                                  7,126           5,425       7,418
Taxation                                                                     (2,368)         (1,804)     (2,499)


Profit on ordinary activities after taxation                                   4,758           3,621       4,919
Dividends                                                                      (636)           (636)     (2,094)

Retained profit for the period                                                 4,122           2,985       2,825


Earnings per share
-  basic                                                                      13.86p          10.55p      14.33p
-  basic, excluding the amortisation of goodwill                              14.58p          11.27p      15.78p
-  diluted                                                                    13.83p          10.49p      14.27p

Dividend per share                                                             1.85p           1.85p       6.11p





STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                                                        Half year to    Half year to     Year to
                                                                        30 September    30 September    31 March
                                                                                2003            2002        2003
                                                                         (unaudited)     (unaudited)   (audited)
                                                                               £'000           £'000       £'000

Profit on ordinary activities after taxation                                   4,758           3,621       4,919
Foreign exchange gain on foreign
equity investments                                                              (13)             (6)           8

Total gains and losses recognised in the period                                4,745           3,615       4,927



CONSOLIDATED BALANCE SHEET
at 30  September 2003


                                                                                    30 September        31 March
                                                                                            2003            2003
                                                                                     (unaudited)       (audited)
                                                                          Note             £'000           £'000
Fixed assets

Intangible assets                                                                          8,029           8,277
Tangible assets                                                                           79,452          73,484
                                                                                          87,481          81,761


Current assets
Stock                                                                                      2,299           2,452
Debtors                                                                                   33,308          31,043
Cash at bank and in hand                                                                  12,330           6,940

                                                                                          47,937          40,435
Current liabilities
Creditors:  amounts falling due
within one year                                                                         (49,374)        (48,496)

Net current liabilities                                                                  (1,437)         (8,061)

Total assets less current liabilities                                                     86,044          73,700

Creditors:  amounts falling due after
more than  one year                                                                     (37,741)        (30,444)

Provision for liabilities and charges                                                    (7,031)         (6,112)

                                                                                        (44,772)        (36,556)

                                                                                          41,272          37,144


Capital and reserves
Called up share capital                                                                    1,717           1,716
Share premium account                                                                      7,692           7,674
Profit and loss account                                                      3            31,863          27,754

Shareholders' funds - equity interests                                                    41,272          37,144



CONSOLIDATED CASH FLOW STATEMENT
for the half year to 30 September 2003


                                                                  Half year to     Half year to         Year to
                                                                  30 September     30 September        31 March
                                                                          2003             2002            2003
                                                                   (unaudited)      (unaudited)       (audited)
                                                         Note            £'000            £'000           £'000

Net cash inflow from operating activities                   4           19,939           13,523          33,713
Returns on investment and
servicing of finance
Interest paid: bank and other loans                                      (333)            (700)         (1,054)
Interest received: bank                                                     96               10              65
                                                                         (237)            (690)           (989)

Taxation
Corporation tax paid                                                   (1,462)          (1,450)         (2,283)
Capital expenditure and financial investment
Purchase of tangible fixed assets                                     (19,008)         (23,372)        (36,398)
Disposal of tangible fixed assets                                          453              259             189

                                                                      (18,555)         (23,113)        (36,209)


Equity dividends paid                                                  (1,463)          (1,463)         (2,094)

Cash outflow before financing                                          (1,778)         (13,193)         (7,862)

Financing
Share capital issued                                                        15               15              15
Other loans repaid                                                     (5,777)         (10,907)         (3,103)
Bank loans repaid                                                            -            (173)         (1,594)
Other loans advanced                                                    12,941           28,699          18,612
Finance lease capital                                                        -            (131)           (196)

                                                                         7,179           17,503          13,734

Increase in cash in the period                                           5,401            4,310           5,872



NOTES TO THE INTERIM RESULTS
at 30 September 2003

1.             Turnover

                                                                Half year to      Half year to       Year to
                                                                30 September      30 September      31 March
                                                                        2003              2002          2003
                                                                 (unaudited)       (unaudited)     (audited)
                                                                       £'000             £'000         £'000

Distribution                                                          58,005            61,732       119,154
Aviation Services                                                     61,656            41,853        79,022

                                                                     119,661           103,585       198,176

Turnover arising within:
  The United Kingdom and the Channel Islands                         116,374           100,605       192,072
  Mainland Europe                                                      2,753             2,484         5,077
  The Far East                                                           534               496         1,027

                                                                     119,661           103,585       198,176





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.             Net Interest Payable

                                                                Half year to      Half year to       Year to
                                                                30 September      30 September      31 March
                                                                        2003              2002          2003
                                                                 (unaudited)       (unaudited)     (audited)

                                                                       £'000             £'000         £'000
On bank loans and overdrafts                                           (178)              (30)         (326)
On other loans                                                         (265)             (670)         (967)
Other interest payable                                                     -                 -          (22)

                                                                       (443)             (700)       (1,315)
Interest receivable                                                       96                10            65

                                                                       (347)             (690)       (1,250)
Interest capitalised within tangible fixed assets                        110                97           261

                                                                       (237)             (593)         (989)


3.             Profit and loss account

                                                                              Half year to       Year to
                                                                              30 September      31 March
                                                                                      2003          2003
                                                                               (unaudited)     (audited)
                                                                                     £'000         £'000

Balance at the beginning of the period                                              27,754        24,921
Retained profit for the period                                                       4,122         2,825
Currency translation differences                                                      (13)             8
                                                                                    31,863        27,754






NOTES TO THE INTERIM RESULTS
at 30 September 2003



4.             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
                                                                        2003              2002          2003
                                                                 (unaudited)       (unaudited)     (audited)
                                                                       £'000             £'000         £'000

Operating profit                                                       6,917             6,008         8,325
Depreciation                                                          13,033             7,120        15,341
Amortisation of goodwill                                                 248               248           497
Decrease/(increase) in stock                                             153             (102)            55
Increase in debtors                                                  (2,265)           (1,568)       (1,164)
Increase in creditors                                                  1,866             1,823        10,651
Exchange differences                                                    (13)               (6)             8

                                                                      19,939            13,523        33,713



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

                                                                Half year to      Half year to       Year to
                                                                30 September      30 September      31 March
                                                                        2003              2002          2003
                                                                 (unaudited)       (unaudited)     (audited)
                                                                       £'000             £'000         £'000

Increase in cash in the period                                         5,401             4,310         5,872
Cash inflow from increase in net debt in the period                  (7,164)          (17,489)      (13,719)

Change in net debt in the period                                     (1,763)          (13,179)       (7,847)
Exchange differences                                                   1,467             2,628         2,183
Net debt at 1 April                                                 (28,167)          (22,503)      (22,503)

Net debt at end of period                                           (28,463)          (33,054)      (28,167)


6.             Other matters

The financial information for the year to 31 March 2003 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 2003 have been prepared using accounting policies
consistent with those adopted for the year to 31 March 2003.

Basic earnings per share has been calculated by reference to earnings of
£4,758,000  (2002 : £3,621,000) and a weighted average number of ordinary shares
in issue of  34,340,047  (2002: 34,320,676).

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


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