Dart Group PLC Trading Update (6802F)
March 11 2020 - 2:00AM
UK Regulatory
TIDMDTG
RNS Number : 6802F
Dart Group PLC
11 March 2020
11 March 2020
Dart Group PLC ("the Group")
Trading Update
Dart Group PLC, the Leisure Travel and Distribution &
Logistics group, today issues the following update on trading.
Year ending 31 March 2020 (FY20)
Due to the continued success of our growing Leisure Travel
business, the Board expects Group profit before foreign exchange
revaluation & taxation (excluding any impact of hedge
ineffectiveness) for the financial year ending 31 March 2020 to be
significantly ahead of current market expectations. However, future
reductions of FY21 flying capacity will result in a proportion of
the Company's existing hedging contracts becoming ineffective,
thereby impacting those profits.
Year ending 31 March 2021 (FY21)
Until very recently, Customer demand for our very popular
Package Holidays and Flight-Only Leisure Travel products has
remained consistently strong, with the important January and
February booking performance resulting in our Summer 2020 bookings
tracking well ahead of our 16% summer seat capacity increase.
Understandably, however, momentum has weakened over recent weeks
with the increased reporting of Covid-19 cases in Europe.
Nevertheless, our current cumulative Summer 2020 bookings remain
above those at this time last year.
The continuing success of our Package Holidays, including our
newly launched "Vibe" brand, together with our strong and prudent
balance sheet gives us long term confidence for the future.
However, given the limited visibility on the impact of Covid-19,
the Board is currently unable to determine how this will effect
Group profit before foreign exchange revaluation and taxation for
the financial year ending 31 March 2021.
We continue to monitor the situation carefully and are taking
proportionate actions to underpin the stability of the business,
which includes reducing capacity on some routes where warranted,
but always keeping at front of mind the need to ensure our
Customers experience the Holidays they deserve.
We are also pleased to report that our Distribution and
Logistics business, Fowler Welch, is trading in line with
expectations and continues to develop its revenue pipeline with
existing and new business opportunities.
As circumstances evolve, the Board will provide a further update
both in relation to the FY20 profit outturn and a fuller outlook
for the Summer 2020 trading period.
For further information, please contact:
Dart Group plc Tel: 0113 239 7817
Philip Meeson, Executive Chairman
Gary Brown, Group Chief Financial
Officer
Cenkos Securities plc Tel: 020 7397 8900
Nominated Adviser
Katy Birkin/Russell Cook
Canaccord Genuity - Joint Broker Tel: 020 7523 8000
Adam James
Arden Partners - Joint Broker Tel: 020 7614 5900
Paul Shackleton/Daniel Gee-Summons
Buchanan - Financial PR Tel: 020 7466 5000
Richard Oldworth
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.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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March 11, 2020 03:00 ET (07:00 GMT)
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