Trading Statement and Notice of Results

RNS Number : 0237R

Dart Group PLC

22 October 2013

 



22 October 2013

Dart Group PLC ("the Group")

Trading Statement and Notice of Results

Dart Group PLC, the Leisure Airline, Package Holidays, and Distribution & Logistics Group, is pleased to give the following update on trading for the first half of the financial year ending 31 March 2014.

Summer 2013 trading in our leisure travel businesses has been satisfactory despite the fine weather experienced in the North this year.  Our Leisure Airline, Jet2.com, flew 4.1m passengers in the six months to 30 September 2013, an increase of 13% over the same period last year, supported by the continued growth of Jet2holidays and its sales of great value package holidays.  The business also achieved increases in ticket yields and load factors, though more recently yields and therefore operating margins have come under pressure.

Our Package Holidays business, Jet2holidays, had a successful summer and continues to meet its passenger growth targets.  During the first six months of the year it took 634,866 passengers on holiday, an increase of 103% over the same period last year (2012: 312,000). This  growth continues to be fuelled by further improvements to the Jet2holidays product range, underpinned by a relentless focus on providing a great value offering to our Northern based customers.

Our Distribution & Logistics business, Fowler Welch, continued to make good operational progress in the first six months but profitability was adversely affected due to the varied profile of volumes handled during late July, August and September.  Nevertheless, the strategy of the business remains consistent; continuing to focus on growing its revenue pipeline and delivering operational efficiency improvements in a sector that continues to experience tight margins.

As previously noted, our leisure travel operations are becoming increasingly seasonal as we continue to grow the business.  This will result in the Group's profit before taxation for the first half of the year being approximately 37% ahead of the same period in the previous year, with increased losses expected in the second half.

As a result, and with the important winter booking period still to come, the Board remains cautiously optimistic in relation to profit growth for the financial year ending 31 March 2014.

The Group intends to announce its interim results for the six months to 30 September 2013 on 21 November 2013.

For further information contact:

Dart Group PLC Philip Meeson, Group Chairman and Chief Executive	Tel:             0113 238 7444
Gary Brown, Group Chief Financial Officer
Smith & Williamson Corporate Finance Limited Nominated Adviser Andy Pedrette / Siobhan Sergeant	Tel:             020 7131 4000
Canaccord Genuity - Joint Broker Peter Stewart / Mark Whitmore	Tel:             020 7523 8000
Arden Partners - Joint Broker Christopher Hardie	Tel:             020 7614 5900
Buchanan - Financial PR Richard Oldworth	Tel:             020 7466 5000

 

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