Dart Group PLC - Interim Results
November 20 1997 - 1:33AM
UK Regulatory
RNS NO 6572H
DART GROUP PLC
20th November 1997
DART GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1997
Dart Group PLC, the distribution and aviation services group, announces
its interim results for the six months ended 30 September 1997.
CHAIRMAN'S STATEMENT
I am pleased to report on the Group's trading during the six months to
30 September 1997. Profit before tax has risen to #2.61m (1996:
#2.41m) on turnover of #42.6m (1996: #36.9m) and earnings per share have
risen to 11.3p (1996: 10.1p). The Board has declared a dividend of 2.3p
per share (1996:2.1p) which will be paid on 9 January 1998 to shareholders
on the register as at 9 December 1997. The results reflect continued growth
in both our divisions.
Distribution
Our principal distribution company, Fowler Welch, which distributes
fresh produce and cut flowers throughout the UK on behalf of supermarkets,
growers and importers, has continued to gain new business and increase its
share of this specialised market. Since the beginning of the financial
year, the company has completed the development of its Spalding depot by
the conversion of the remaining 55,000 sq.ft. warehouse into a fully
temperature controlled facility and has also taken over a customer's
transport operations in Cambridgeshire. These developments have increased
the volumes the company can handle and widened its business base.
The division's south coast facilities, which primarily serve the
Channel Islands, are also to be developed by the acquisition of a new
temperature controlled depot at the main Channel Islands' ferry port of
Portsmouth. This will further improve the services that Fowler Welch and
its sister company, Channel Express (CI), offer to southern England and
Channel Islands growers. We are confident that these developments within our
distribution business will enable the division to continue to expand
profitably.
Aviation Services
Our first A300 "Eurofreighter" entered commercial service with our
cargoairline, Channel Express (Air Services) on 1 August 1997 and has had
a most successful start to its operations. In addition to its
contractual commitments, the company has had the opportunity to demonstrate
the aircraft's capabilities to several potential customers and is confident
that there will be considerable demand for the type in both the general
airfreight market, which is growing at a rate of approximately 7% per
annum, and the express parcels sector, which continues to see a volume
growth rate of nearly 20% per annum.
The Group has now completed the purchase of two further A300s which are now
with Daimler-Benz Aerospace Airbus (DASA) in Dresden, Germany, where
they are undergoing conversion into freighters. The first of these aircraft
is now due for delivery to Channel Express in early 1998 with the second
following in the Spring. We are confident that the A300 fleet will
make a considerable contribution to the Group's future profitability.
In the meantime, the Group's 7 Fokker F27 and 3 Lockheed Electra
freighters, supplemented as required by leased-in aircraft, are fully
utilised on intra-European cargo services.
Our air, sea and road freight forwarder, Benair Freight International,
continues to make progress in a favourable market. Considerable effort is
being devoted to building the company's infrastructure and systems to enable
it to continue to develop its specialist business areas profitability.
Finally, I am pleased to report that trading in the second half of the year
continues satisfactorily.
Philip Meeson
Chairman 20 November 1997
UNAUDITED INTERIM
CONSOLIDATED RESULTS
for the half year to 30 September 1997
Half year Half year Year to
30 September 30 September 31 March
1997 1996 1997
(unaudited) (unaudited) (audited)
#'000 #'000
TURNOVER 42,619 36,864 72,119
Net operating expenses (39,908) (34,533) (67,585)
OPERATING PROFIT 2,711 2,331 4,534
Net interest (113) 30 40
(payable)/receivable
Profit on sale of fixed 13 46 64
assets
PROFIT ON ORDINARY 2,611 2,407 4,638
ACTIVITIES BEFORE
TAXATION
Taxation (794) (795) (1,540)
PROFIT ON ORDINARY 1,817 1,612 3,098
ACTIVITIES AFTER
TAXATION
Dividends (370) (337) (1,045)
RETAINED PROFIT FOR THE 1,447 1,275 2,053
PERIOD
EARNINGS PER SHARE 11.3p 10.1p 19.3p
- basic and normalised
DIVIDEND PER SHARE 2.3p 2.1p 6.5p
CONSOLIDATED BALANCE SHEET
at 30 September 1997
1997 1997
30 September 31 March
(unaudited) (audited)
#'000 #'000 #'000 #'000
FIXED ASSETS
Tangible assets 28,399 21,686
Investments 106 106
28,505 21,792
CURRENT ASSETS
Stock 1,343 777
Debtors 11,709 12,624
Cash at bank and in hand 1,870 3,320
14,922 16,721
CURRENT LIABILITIES
CREDITORS : amounts falling (18,408) (16,212)
due within one year
NET CURRENT (3,486) 509
(LIABILITIES)/ASSETS
TOTAL ASSETS LESS CURRENT 25,019 22,301
LIABILITIES
CREDITORS : amounts falling (4,410) (4,013)
due after more than one year
PROVISION FOR LIABILITIES AND (4,832) (3,954)
CHARGES
(9,242) (7,967)
15,777 14,334
CAPITAL AND RESERVES
Called up share capital 1,610 1,608
Share premium account 4,492 4,479
Profit and loss account 9,675 8,247
SHAREHOLDERS' FUNDS
equity interests 15,777 14,334
NOTES TO THE INTERIM RESULTS
at 30 September 1997
The financial information for the year to 31 March 1997 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.
Earnings per share has been calculated by reference to earnings of
#1,817,000 (1996: #1,612,000) and a weighted average number of ordinary shares
in issue of 16,082,782 (1996: 16,030,214).
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.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Half year to Year to
30 September 31 March
1997 1997
(unaudited) (audited)
#000's #000's
Profit on ordinary activities after 1,817 3,098
taxation
Foreign exchange loss on foreign equity (19) (44)
investments
Total gains and losses recognised in 1,798 3,054
the period
PROFIT AND LOSS ACCOUNT
Half year to Year to
30 September 31 March
1997 1997
(unaudited) (audited)
#000's #000's
Balance at the beginning of the period 8,247 6,238
Retained profit for the period 1,447 2,053
Currency translation differences (19) (44)
9,675 8,247
END
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