Dart Group half year results

LONDON (AFX) – Dart Group PLC, the distribution and aviation services group,
said profit before tax and amortisation of goodwill for the six months to Sept
30 2002 rose to 5.7 mln stg from 5.2 mln on turnover of 103.6 mln stg, up from
99.2 mln.
The seasonal pattern of trading has changed, mainly as a result of the bias
towards passenger flying in the summer months. The board said second half
profits, therefore, are unlikely to show the same level of increase as in the
first half although trading in the second half continues “satisfactorily”.
Net borrowings increased to 33.1 mln stg from 22.8 mln in the first half as
a result of new loans taken out to finance the purchase of four Boeing 737-300
aircraft, two of which will now be used by the group’s recently announced low
cost airline, Jet2, based at Leeds Bradford International Airport.
Gearing at Sept 30 2002 was 89 pct, up from 66 pct at the end of March and
interest cover was 10 times, compared with 8 times in 2001.
First half sales in the Aviation Services Division increased by 11 pct,
primarily reflecting the increase in the passenger charter activity of the
Boeing 737 fleet, said the company.
It said trading conditions in the distribution division remain tight and its
turnover was unchanged compared to the first half of last year.
The board has declared an unchanged interim dividend of 1.85 pence per
share.