Dart Group PLC
13 April 2006
Dart Group PLC ('the Group')
Pre-close Trading Update
Dart Group PLC, the aviation and distribution group, issues the following
trading update relating to the second half of its financial year ended 31 March
2006, ahead of the Group's preliminary results announcement scheduled for 15
June 2006.
Trading Before Exceptional Items
Second half trading has been encouraging in both Aviation Services and
Distribution. Accordingly, the Group remains comfortable with current market
expectations for its year ended 31 March 2006. In the second half, further
investment in the aircraft fleet was made with the acquisition of a Boeing 737
Quick Change aircraft and a Boeing 757 passenger aircraft.
Exceptional Items
The Group will be recording a number of exceptional items this year, which in
aggregate are expected to amount to a credit of approximately £0.7m.
Firstly, on 31 August 2005, the Group disposed of 100% of its shareholding in
Benair Freight International and Benair Freight Pte resulting in a profit of
£3.7m.
Secondly, in order to support the growth of Jet2.com in the North of England, a
decision has been taken to relocate key aviation operational departments from
Bournemouth to Leeds Bradford Airport. The Group has also withdrawn from the
Airbus A300 cargo business, which has involved a number of redundancies and
withdrawal from service of the A300 fleet. One of the two owned Airbus A300
aircraft has been sold and the second is being marketed along with the Group's
stock of spares. It is anticipated that disposal proceeds will cover book value.
These reorganisations will give rise to an exceptional charge in the order of
£3.0m which will be provided for in the 2006 year end accounts.
13 April 2006
For further information contact:
Philip Meeson 01202 597680
07785 258666
Mike Forder 01202 597680
07721 865850
This information is provided by RNS
The company news service from the London Stock Exchange
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