Interim Results

Dart Group PLC
15 November 2001


FOR IMMEDIATE RELEASE                                          15 November 2001


                               DART GROUP PLC

          Interim Results for the Six Months Ended 30 September 2001


Dart Group PLC, the distribution and aviation services group, announces its
interim results for the six months ended 30 September 2001.



CHAIRMAN'S STATEMENT


I am pleased to report on the Group's trading for the six months ended 30
September 2001.  Profit before tax, and before the amortisation of goodwill,
has risen to £5.2m (2000: £4.9m) on turnover of £99.2m  (2000: £94.4m).
Earnings per share, before the amortisation of goodwill,  were  10.38p  (2000:
9.91p).   Net borrowings have increased to £22.8m (31 March 2001:  £2.3m).
This increase has primarily arisen as a result of new loans taken out to
finance the purchase of two Boeing 737-300QC aircraft.   Gearing at 30
September 2001 was 70%  (31 March 2001: 8%)



The Board has declared an increased interim dividend of  1.85p per share
(2000: 1.8p).  The dividend will  be paid on  4 January 2002  to shareholders
on the register as at  23 November 2001.



Whilst not directly affected by the events of 11 September, Group companies
are experiencing tighter trading conditions and our cargo airline, Channel
Express (Air Services), higher insurance costs.    The second half of the
financial year will, therefore, be challenging but we remain optimistic that
the Group will continue to successfully develop its Distribution and Aviation
Services' activities.



Distribution


The Dart Distribution companies,  Coolchain, Fowler Welch and Channel Express
(CI) provide specialist road distribution services to fresh produce,
horticulture and chilled and frozen food suppliers that serve the UK's leading
supermarkets and wholesale markets throughout the country.  The companies also
provide a range of value-adding services such as sorting, grading, pre-packing
and storage of fresh produce and horticultural products. They operate through
a network of regional consolidation and distribution centres strategically
sited in the country's main producing and importing areas.  Dutch subsidiary,
Fowler Welch BV, based close to the ports of Rotterdam and the Hook of
Holland, principally serves the dynamic Dutch horticultural industry that
supplies leading UK retailers.



There is no doubt that the wet winter, the less buoyant economy and the
national foot and mouth epidemic brought immense problems to the countryside
in general.  This  affected both the supply of and, through the downturn in
the number of visitors to this country, the demand for fresh produce.
Consequently, the volumes distributed by our business resulted in  lower
growth than expected in the first half, however, operating costs have been
carefully managed to mitigate this situation as far as possible.



Predictably, the division's retail customers continue to seek efficiencies and
economies in their supply chains and so, our management co-operates closely
with them to continually develop cost-effective services and seek new business
opportunities.  As a result, in Kent, Coolchain recently won additional
pre-packing work on behalf of a major fresh produce supplier, and in
Lincolnshire, Fowler Welch is commissioning a new national distribution
initiative for horticultural products on behalf of a major supermarket.   New
business is also being won in the chilled and frozen sectors.



The Dart Distribution companies are particularly focusing their attention on
network efficiencies that will result from the integration of the individual
companies' transport operations.  Significantly, the first phase of the
division's new single operating IT system  was successfully implemented on
time when Coolchain's Portsmouth and Southampton operations went live.  The
roll-out programme continues throughout the division's consolidation centres
and full implementation is on target for June 2002.  Traffic  managers will
then, for the first time,  have on-line visibility across the division's
entire vehicle fleet which will lead to the greatly improved co-ordination and
utilisation of   operating resources.



Dart Distribution is the country's leading distributor of fresh produce and
horticultural products and is well-positioned to take advantage of both the
continued growth and consequent commercial opportunities in the sector.    The
Group's policy remains to grow the division both organically and through
carefully selected acquisitions.



Aviation Services


The companies within this division are Channel Express (Air Services), which
operates a fleet of 15 freighter aircraft on behalf of express parcel
companies, postal authorities, freight forwarders and other airlines, and
Benair Freight International, which manages international freight movements on
behalf of a wide customer base.



In June and August of this year, Channel Express (Air Services) commenced
operating two Boeing 737-300 'Quick Change' aircraft replacing two of the
company's Lockheed Electras which have been retired.    The two Boeing
737-300s, based at Stansted and Edinburgh airports,  operate night mail
flights on behalf of Consignia plc and day-time passenger charters for a
varied customer base, which includes orchestras, football teams and their
supporters, incentive groups and conferences.    The Quick Change concept
allows the interior of the aircraft to be changed between freighter and
passenger roles in less than 45 minutes and significantly widens the company's
potential customer base.



The company's Airbus A300 'Eurofreighters' and Fokker F27s are fully
contracted to the delivery of overnight express parcels, newspapers and mail
and supplement their income with additional charters, often to meet the
just-in-time delivery needs of vehicle and other manufacturers.   In the
present economic climate, our customers' careful control of costs is limiting
the amount of additional charter revenue, whilst at the same time the company
has incurred increased insurance costs post 11 September.    However, we
remain optimistic that the air cargo market will maintain its traditional
year-on-year growth as global economic confidence resumes.  Therefore,
although naturally cautious in the current economic and political climate, the
Group intends to increase the Boeing 737-300 fleet as its business for the
type develops.



Channel Express Parts Trading, the company's aircraft parts business, has had
a successful half year.     The company has dismantled a further two A300
aircraft for their parts and continues to support both the Group's own
aircraft and those of its many other customers.    Parts Trading is also
developing its capability to market and deal in parts for the Boeing 737
series in line with the Group's acquisition of that type.



Benair Freight International has had an encouraging six months trading.   The
company's offices in London, Manchester, East Midlands and Newcastle, together
with the wholly-owned Singapore business are each generating increased levels
of business and the specialist ornamental fish business continues to grow.



Outlook


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


Philip Meeson,
Chairman                                                       15 November 2001



For further information on Dart Group PLC and its subsidiary companies please
visit our website, www.dartgroup.co.uk


UNAUDITED INTERIM CONSOLIDATED RESULTS
for the half year to 30 September 2001
                                                Half year    Half year 
                                                       to           to   Year to
                                             30 September 30 September  31 March
                                                     2001        2000       2001
                                              (unaudited) (unaudited)  (audited)
                                         Note      £'000        £'000     £'000

Turnover - continuing operations          1        99,225      94,407   190,912
Net operating expenses, excluding
amortisation of goodwill                         (93,323)    (89,212) (180,630)
Amortisation of goodwill                            (248)       (248)     (497)

Net operating expenses                           (93,571)    (89,460) (181,127)


Operating profit - continuing operations            5,654       4,947     9,785

(Loss)/Profit on disposal of fixed                   (13)          42        18
assets
Net interest payable                                (680)       (292)     (592)

Profit on ordinary activities before                4,961       4,697     9,211
taxation
Taxation                                          (1,657)     (1,564)   (3,085)


Profit on ordinary activities after                 3,304       3,133     6,126
taxation
Dividends                                           (633)       (614)   (2,040)


Retained profit for the period                      2,671       2,519     4,086


Earnings per share
-  basic                                            9.65p       9.19p    17.94p
-  basic, excluding the amortisation of            10.38p       9.91p    19.40p
   goodwill
-  diluted                                          9.55p       9.10p    17.77p

Dividend per share                                  1.85p       1.80p     5.96p



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


                                               Half year    Half year   
                                                      to           to    Year to
                                            30 September 30 September  31 March
                                                    2001         2000      2001
                                             (unaudited)  (unaudited)  (audited)
                                                   £'000       £'000      £'000


Profit on ordinary activities after                3,304       3,133     6,126
taxation

Foreign exchange gain on foreign
equity investments                                     6          21        33

Total gains and losses recognised in the           3,310       3,154     6,159
period



CONSOLIDATED BALANCE SHEET
at 30  September 2001
                                                    30 September       31 March
                                                            2001           2001
                                                     (unaudited)      (audited)
                                         Note              £'000          £'000

Fixed assets
Intangible assets                                          9,023          9,271
Tangible assets                                           51,637         41,534
Investments                                                   59             59

                                                          60,719         50,864
Current assets
 
Stock                                                      2,943          1,756
Debtors                                                   31,463         29,965
Cash at bank and in hand                                   3,178          7,061

                                                          37,584         38,782
Current liabilities

Creditors:  amounts falling due
within one year                                         (39,313)       (49,301)

Net current liabilities                                  (1,729)       (10,519)


Total assets less current liabilities                     58,990         40,345


Creditors:  amounts falling due after
more than  one year                                     (20,930)        (6,790)

Provision for liabilities and charges                    (5,335)        (3,569)

                                                        (26,265)       (10,359)

                                                          32,725         29,986
Capital and reserves

Called up share capital                                    1,713          1,710
Share premium account                                      7,610          7,551
Profit and loss account                    2              23,402         20,725


Shareholders' funds - equity interests                    32,725         29,986




CONSOLIDATED CASH FLOW STATEMENT
for the half year to 30 September 2001

                                                Half year   Half year   
                                                       to          to   
                                                       30          30   Year to
                                                September   September  31 March
                                                     2001        2000      2001
                                              (unaudited) (unaudited) (audited)
                                         Note       £'000       £'000     £'000

Net cash inflow from operating              3      10,640      13,355    24,909
activities

Returns on investment and
servicing of finance
Interest paid: bank and other loans                 (697)       (472)     (832)
Interest element of finance lease rental             (13)        (20)      (44)
payments
Interest received: bank                                30         200       284

                                                    (680)       (292)     (592)

Taxation

Corporation tax paid                              (1,016)       (252)   (2,089)


Capital expenditure and financial
investment
Purchase of tangible fixed assets                (28,456)     (7,462)  (13,620)
Disposal of tangible fixed assets                     397         528       743

                                                 (28,059)     (6,934)  (12,877)

Equity dividends paid                             (1,422)     (1,179)   (1,798)


Cash (outflow)/ inflow before financing          (20,537)       4,698     7,553

Financing

Share capital issued                                   62          68       120
Other loans repaid                                (1,698)     (3,374)   (7,583)
Bank loans repaid                                   (174)       (173)     (346)
Other loans advanced                               18,595           -         -
Finance lease capital                               (131)       (176)     (338)

                                                   16,654     (3,655)   (8,147)


(Decrease)/Increase in cash in the                (3,883)       1,043     (594)
period



NOTES TO THE INTERIM RESULTS
at 30 September 2001


1.             Turnover

                                          Half year to Half year to    Year to
                                          30 September 30 September   31 March
                                                  2001         2000       2001
                                           (unaudited)  (unaudited)  (audited)
                                                 £'000        £'000      £'000

Distribution                                    61,676       57,815    116,065
Aviation Services                               37,549       36,592     74,847
                                                99,225       94,407    190,912
Turnover arising within:
The United Kingdom and the Channel              96,238       91,841    185,931
Islands
Mainland Europe                                  2,236        1,836      3,300
The Far East                                       751          730      1,681

                                                99,225       94,407    190,912


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
                                                             2001          2001
                                                      (unaudited)     (audited)
                                                            £'000         £'000

Balance at the beginning of the period                     20,725        16,606
Retained profit for the period                              2,671         4,086
Currency translation differences                                6            33

                                                           23,402        20,725



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
                                          2001               2000          2001
                                   (unaudited)        (unaudited)     (audited)
                                         £'000              £'000         £'000


Operating profit                         5,654              4,947         9,785
Depreciation                             6,658              7,548        14,690
Amortisation of goodwill                   248                248           497
(Increase)/decrease in stock           (1,187)              (243)            17
Increase in debtors                    (1,497)            (4,712)       (4,776)
Increase in creditors                      758              5,546         4,663
Exchange differences                         6                 21            33

                                        10,640             13,355        24,909


NOTES TO THE INTERIM RESULTS
at 30 September 2001


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

                                                Half year   Half year  
                                                       to          to  
                                                       30          30   Year to
                                                September   September  31 March 
                                                     2001        2000      2001
                                              (unaudited) (unaudited) (audited)
                                                    £'000       £'000     £'000


(Decrease)/increase in cash in the period         (3,883)       1,043     (594)
Cash (inflow)/outflow from (increase)/
decrease
in net debt in the period                        (16,592)       3,723     8,267
Change in net debt in the period                 (20,475)       4,766     7,673
Net debt at 1 April                               (2,326)     (9,999)   (9,999)


Net debt at end of period                        (22,801)     (5,233)   (2,326)



5.             Other matters

                The financial information for the year to 31 March 2001 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 2001 have been prepared using
accounting policies consistent with those adopted for the year to 31 March
2001.


                Basic earnings per share has been calculated by reference to
earnings of £3,304,000 (2000 : £3,133,000) and a weighted average number of
ordinary shares in issue of 34,221,983 (2000:34,111,600).


                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.