RNS No 8492n
DART GROUP PLC
19th November 1998
DART GROUP PLC
Interim Results for the Six Months Ended 30 September 1998
Dart Group PLC, the distribution and aviation services group,
announces its interim results for the six months ended 30
September 1998.
CHAIRMAN'S STATEMENT
I am pleased to report on the Group's trading during the six months
to 30 September 1998. Profit before tax has risen to #3.09m
(1997: #2.61m) on turnover of #49.4m (1997: #42.6m) and earnings
per share have risen to 6.55p (1997: 5.65p re-stated). The Board
has declared a dividend of 1.27p per share (1997: 1.15p re-stated)
which will be paid on 8 January 1999 to shareholders on the register
as at 8 December 1998. The results reflect continued growth in
both our divisions.
Distribution
Fowler Welch, the Division's specialist temperature-controlled
distributor of fresh produce and horticultural products, has
continued to gain business from the UK's leading multiple retailers
who regard the company as a preferred provider of high-quality
distribution services for perishable products.
To facilitate this increasing business, the company's main
consolidation centre at Spalding, Lincs, is being further
developed to handle the growing volumes stored, processed and
then delivered throughout the UK and Ireland on behalf of
retailers, importers and growers.
The Division's new 40,000 sq.ft. temperature-controlled
distribution facility at Portsmouth is now due to become
operational in the Spring of 1999. This will allow Fowler
Welch, and its sister company, Channel Express (CI), to introduce
new and improved road transport services for south coast and
Channel Island growers, as well as for the large volumes of
produce imported through the ports of Southampton and Portsmouth.
We believe that the Distribution Division, which is widely
recognised as a market leader, is ideally positioned to continue
its growth within its specialist distribution sector.
Aviation Services
Channel Express (Air Services) took delivery of its third A300
Eurofreighter following its conversion from a passenger aircraft
to a freighter on 4 September 1998. The aircraft immediately
went into service with a leading European express parcel delivery
company. Each of the company's three Eurofreighters is contracted
to an express operator with additional cargo contracts also being
undertaken on behalf of other European airlines.
The Group has decided to defer the purchase of further A300s for
conversion to freighters. Several aircraft leasing companies
have undertaken speculative A300 conversions and it is our belief
that suitable aircraft will be available for lease to meet our
foreseeable needs.
The Group's seven Fokker F27 and three Lockheed Electra freighters,
supplemented as required by leased aircraft, are also fully utilised
on European cargo services on behalf of express parcel companies,
postal authorities and freight forwarders. The demand for the
rapid transportation of air cargo to meet the needs of modern,
lean, manufacturing processes continues to grow and the Group is
confident of its future prospects in this business.
Our international freight management company, Benair Freight
International, has continued to progress well in the first half
of this year. Despite the difficulties being experienced by the
industry as a whole as a result of the Far East economic downturn,
Benair is continuously developing and managing new business.
The company is also working closely with Fowler Welch and Channel
Express (Air Services) to offer our customers the overall benefits
of the Group's resources and expertise. This is expected to be of
particular significance to our produce and horticultural importing
and distribution customers.
Year 2000
I have every confidence that the team led by the Group's Chief
Financial Officer, and fully supported by myself and senior
management representatives from our operating businesses, is taking
all reasonable precautions to ensure that we experience no
disruption to our business in the year 2000. Our formal
statement on this issue is contained in Note 4.
Finally, I am pleased to report that trading in the second half of
the year continues satisfactorily.
Philip Meeson, Chairman
19 November 1998
For further information please contact:
Philip Meeson,
Chairman on 0385 258 666 (today and tomorrow)
Or Mike Forder,
Chief Financial Officer on 0421 865 850 (today);
01202 597 676 (thereafter)
UNAUDITED INTERIM
CONSOLIDATED RESULTS
for the half year to 30 September 1998
Half year to Half year to Year to
30 September 30 September 31 March
1998 1997 1998
(unaudited) (unaudited) (audited)
Notes #'000 #'000 #'000
TURNOVER 1 49,350 42,619 87,809
Net operating
expenses (45,751) (39,908) (82,174)
______ ______ ______
OPERATING PROFIT 3,599 2,711 5,635
Net interest
payable (574) (113) (567)
Profit on sale
of fixed assets 62 13 57
______ ______ ______
PROFIT ON ORDINARY
ACTIVITIES BEFORE
TAXATION 3,087 2,611 5,125
Taxation (972) (794) (1,522)
______ ______ ______
PROFIT ON ORDINARY
ACTIVITIES AFTER
TAXATION 2,115 1,817 3,603
Dividends (410) (370) (1,178)
______ ______ ______
RETAINED PROFIT FOR
THE PERIOD 1,705 1,447 2,425
______ ______ ______
EARNINGS PER SHARE
- basic and
normalised 6.55p 5.65p * 11.19p *
- fully diluted 6.48p 5.62p 11.11p
______ ______ ______
DIVIDEND PER SHARE 1.27p 1.15p * 3.65p *
______ ______ ______
* Re-stated as a result of the 2 for 1 share split of August 1998
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Profit on ordinary
activities after
taxation 2,115 1,817 3,603
Foreign exchange loss on
foreign equity
investments (23) (19) (57)
______ ______ ______
Total gains and losses
recognised in the
period 2,092 1,798 3,546
______ ______ ______
CONSOLIDATED BALANCE SHEET
at 30 September 1998
1998 1998
30 September 31 March
(unaudited) (audited)
Notes #'000 #'000 #'000 #'000
FIXED ASSETS
Tangible assets 43,530 38,959
Investments 106 106
______ ______
CURRENT ASSETS 43,636 39,065
Stock 1,568 1,478
Debtors 13,591 12,433
Cash at bank and
in hand 3,510 6,597
______ ______
18,669 20,508
CURRENT LIABILITIES
CREDITORS: amounts
falling due within
one year (19,517) (19,281)
______ ______
NET CURRENT
(LIABILITIES)/ASSETS
(848) 1,227
______ ______
TOTAL ASSETS LESS
CURRENT LIABILITIES 42,788 40,292
CREDITORS: amounts
falling due after
more than one year (18,607) (18,277)
PROVISION FOR
LIABILITIES AND
CHARGES (5,720) (5,256)
______ ______
(24,327) (23,533)
______ ______
18,461 16,759
______ ______
CAPITAL AND RESERVES
Called up share capital 1,614 1,614
Share premium account 4,550 4,530
Profit and loss
account 2 12,297 10,615
______ ______
SHAREHOLDERS' FUNDS -
equity interests 18,461 16,759
______ ______
CONSOLIDATED CASH FLOW STATEMENT
for the half year to 30 September 1998
Half year to Half year to Year to
30 September 30 September 31 March
1998 1997 1998
(unaudited) (unaudited) (audited)
Notes #'000 #'000 #'000
NET CASH INFLOW
FROM OPERATING
ACTIVITIES 3 4,427 4,876 9,360
______ ______ ______
RETURNS ON INVESTMENT
AND SERVICING OF
FINANCE
Interest paid: bank
and other loans (709) (145) (651)
Interest element of
finance lease rental
payments (62) (26) (74)
Interest received: bank 197 58 158
______ _______ _______
(574) (113) (567)
TAXATION
Corporation and
advance corporation
tax paid (173) (156) (1,037)
CAPITAL EXPENDITURE
AND FINANCIAL INVESTMENT
Purchase of tangible
fixed assets (4,451) (8,262) (17,894)
Disposal of tangible
fixed assets 615 107 160
______ _______ _______
(3,836) (8,155) (17,734)
EQUITY DIVIDENDS PAID (807) (707) (1,078)
______ _______ _______
CASH OUTFLOW BEFORE
FINANCING (963) (4,255) (11,056)
FINANCING
Ordinary share capital
issued 20 15 57
Other loans repaid (209) - (401)
Bank loans repaid (1,735) (234) (284)
Other loans advanced - - 14,250
New bank loans advanced - 600 1,000
Capital elements of
finance lease rental
payments (200) (119) (289)
______ _______ _______
(2,124) 262 14,333
(DECREASE)/INCREASE IN
CASH IN THE PERIOD (3,087) (3,993) 3,277
______ ______ ______
NOTES TO THE INTERIM RESULTS
at 30 September 1998
1. TURNOVER
Half year to Half year to Year to
30 September 30 September 31 March
1998 1997 1998
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Distribution 21,825 19,326 37,696
Aviation Services 27,525 23,293 50,113
______ ______ ______
49,350 42,619 87,809
______ ______ ______
Turnover arising within:
The United Kingdom and
the Channel Islands 48,840 41,950 86,547
The Far East 510 669 1,262
______ ______ ______
49,350 42,619 87,809
______ ______ ______
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. Turnover to third
parties by destination is not materially different to that by
source.
2. PROFIT AND LOSS ACCOUNT
Half year to Year to
30 September 31 March
1998 1998
(unaudited) (audited)
#'000 #'000
Balance at the beginning of
the period 10,615 8,247
Retained profit for the period 1,705 2,425
Currency translation differences (23) (57)
______ _____
12,297 10,615
______ ______
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
1998 1997 1998
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Operating Profit 3,599 2,711 5,635
Depreciation 1,957 1,456 3,888
Increase in stock (90) (566) (701)
(Increase)/decrease in
debtors (1,158) 739 14
Increase in creditors 149 29 228
Provision for aircraft
maintenance 4,333 2,276 5,381
Aircraft maintenance
expenditure (4,340) (1,750) (5,028)
Exchange differences (23) (19) (57)
______ ______ ______
Net cash inflow from
operating activities 4,427 4,876 9,360
______ ______ ______
4. YEAR 2000 COMPLIANCE STATEMENT
The Group is fully aware of the serious implications of
disruption to business operations as a result of Year 2000
date problems.
Given the complexity of the problem, it is not possible for
any organisation to guarantee that no Year 2000 problems will
remain. The Group's compliance plans are well advanced. These
include all proper testing and implementation of computer
hardware, software and communications applications well before
the end of 1999, as well as necessary upgrades to equipment,
instrumentation and security.
The Group favours suppliers who are, or will be, compliant and
with whom an open and honest relationship exists, where
necessary reserving the right to seek alternative suppliers to
ensure Year 2000 readiness.
As a result of the action we have taken and will take, including
the drawing up of contingency plans, customers, suppliers and
investors can have every expectation that our businesses will
continue to function in such a way that no disruption to either
our own or our clients' business will result from the Year 2000
problem.
5. OTHER MATTERS
The financial information for the year to 31 March 1998 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 1998 have been prepared using
accounting policies consistent with those adopted for the year
to 31 March 1998.
Basic earnings per share has been calculated by reference to
earnings of #2,115,000 (1997 : #1,817,000) and a weighted average
number of ordinary shares in issue of 32,282,759 (1997: 32,165,564
restated). Prior year earnings per share has been restated to
take account of the share split which was carried out in August
1998.
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.
END
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