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Trading Update 5 April 2017

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April 05, 2017 at 07:27

Trading Update 5 April 2017

Dart Group PLC, the Leisure Travel and Distribution & Logistics group, is pleased to give the following update on trading.

The Group continues to develop and build its businesses. The Board expects Group underlying profit before taxation [1] for the year ended 31 March 2017 to be ahead of current market expectations, as a result of lower than anticipated winter losses. Looking ahead to the year ending 31 March 2018, forward bookings in the Leisure Travel business for summer 2017 are satisfactory.

Trading at Fowler Welch, our Distribution & Logistics business is promising, as it continues to focus on growing and successfully developing existing and new business opportunities.

Although it is still early in the leisure travel booking cycle, given current forward bookings and the recent successful launch of our new operating bases at London Stansted and Birmingham airports, the Board expects to meet current market expectations of profit before taxation for the year ending 31 March 2018.

The Group will publish its Preliminary Results for the year ended 31 March 2017 on 13 July 2017.

[1] Underlying profit before taxation is stated before non-cash foreign exchange losses, resulting from the retranslation at the reporting date of US dollar denominated debt used to fund the acquisition of aircraft. The movement in this US dollar liability cannot be naturally offset against the value of the aircraft, which is fixed in pounds Sterling at the point of acquisition to comply with the requirements of International Financial Reporting Standards.

For further information contact:

Dart Group PLC
Philip Meeson, Group Chairman and Chief Executive
Gary Brown, Group Chief Financial Officer
Tel: 0113 239 7817
Smith & Williamson Corporate Finance Limited
Nominated Adviser
David Jones
Katy Birkin
Tel: 020 7131 4000
Canaccord Genuity - Joint Broker
Bruce Garrow
Ben Griffiths
Tel: 020 7523 8000
Arden Partners - Joint Broker
Christopher Hardie
Tel: 020 7614 5900
Buchanan - Financial PR
Richard Oldworth
Tel: 020 7466 5000

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.