Dart Group PLC AGM Statement and Proposed Name Change (8613X)
September 03 2020 - 1:00AM
UK Regulatory
TIDMDTG
RNS Number : 8613X
Dart Group PLC
03 September 2020
3 September 2020
Dart Group PLC ("the Company")
Annual General Meeting Statement and Proposed Name Change
At the Company's Annual General Meeting today, Philip Meeson,
Executive Chairman, will make the following statement:
"After grounding our aircraft fleet in mid-March, we were
pleased to resume operations on 15 July, gradually ramping up
Summer 2020 flying to approximately 40% of our planned destinations
for August, ensuring we could provide as many of our customers as
possible with their well-deserved and eagerly anticipated summer
holidays.
Whilst there have been setbacks, such as the imposition of
quarantines and evolving guidance from the UK Government, we have
been satisfied with the average load factors and financial
contribution achieved to date and will continue to add further
capacity, as appropriate, for the remainder of Summer 2020,
supported by our quick to market, flexible operating model.
Winter 20/21 forward bookings have yet to match our revised
on-sale seat capacity, with customer bookings displaying a shorter
lead time than in previous years. Therefore, pricing for both our
leisure travel products - end-to-end package holidays with
Jet2holidays and flight-only seats with Jet2.com - will need to
remain consistently enticing.
For Summer 2021, we plan to fly to all our popular leisure
destinations with an appropriate, tailored level of service, which
we anticipate will be close to Summer 2019 seat capacity levels.
Bookings to date are encouraging, with average load factors ahead
of the same point last year and package holiday customer numbers as
a proportion of total departing customers showing a material
increase.
As at 28 August, our Total Cash balance was GBP1,064m, with an
'Own Cash' balance (excluding customer deposits) of GBP629m (at 31
March 2020: GBP1,387m and GBP520m respectively). Additionally, the
Bank of England Covid Corporate Financing Facility of up to GBP300m
of funding is currently unutilised. We will continue to take every
step necessary to preserve cash and enhance liquidity to ensure
both Jet2.com and Jet2holidays are equipped to deal with this most
challenging of trading environments and also best positioned for a
return to full operations in a stable financial position, to the
benefit of all stakeholders. The Board will provide a further
trading update on publication of its interim results on 19 November
2020."
Following the sale of our Distribution and Logistics business,
Fowler Welch, earlier in the year, the Company has applied to
Companies House to change its name to Jet2 plc reflecting the
continued focus on its longer-term strategy of growing its leisure
travel business.
We are delighted to announce that Stephen Heapy is appointed
Chief Executive Officer of Jet2 plc. Philip Meeson will remain
Executive Chairman.
This is an exciting day for our Company. Our business has
evolved significantly over the last decade and we believe now is
the right time to align our Group name with the brand under which
our business is delivered. Whilst what we are called is changing,
the way in which we do business will not alter as our "Customer
First" strategy will remain consistent. The combined power of our
proposition, product and people is what will fuel our ongoing
success, as we constantly seek to improve our customers' holiday
choice, experience and enjoyment, giving us the greatest
opportunity to retain and attract new customers - the key to
continuing profitable growth!
Our long-term ambition therefore remains - To be the Leading UK
Leisure Travel Business."
The restrictions on working that have been imposed by Companies
House in response to the Covid-19 pandemic have resulted in a delay
to their processing of change of name applications and the Company
does not yet have a firm date when this is expected to be
completed. A further announcement will be made once the Company has
received its change of name certificate and the change becomes
effective.
For further information please contact:
Dart Group plc
Philip Meeson, Executive Chairman
Gary Brown, Group Chief Financial
Officer 0113 239 7817
Cenkos Securities
Nominated Adviser
Katy Birkin/Russell Cook/Harry
Hargreaves 020 7397 8900
Canaccord Genuity
Joint Broker
Adam James 020 7523 8000
Arden Partners
Joint Broker
Paul Shackleton/Daniel Gee-Summons 020 7614 5900
Buchanan
Financial PR
Richard Oldworth 020 7466 5000
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been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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END
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