AGM Statement & Announcement of Aircraft Order

Posted in Announcements

September 03, 2015 at 06:56

Dart Group PLC ("the Company")

Annual General Meeting Statement and announcement of aircraft order

At the Company’s Annual General Meeting later today, Philip Meeson, Group Chairman and Chief Executive, will make the following statement:

"The good start to the financial year has continued with strong summer 2015 trading in our Leisure Travel business. Demand for our package holiday products continues to grow and as a result the number of package holiday customers as a proportion of overall flown customer numbers has increased. The business has also achieved higher airline ticket yields and load factors than in summer 2014. This performance is against a backdrop of slightly lower seat capacity.

Early indications for winter 15/16 Leisure Travel bookings are satisfactory.

We are also pleased that Fowler Welch, our Distribution & Logistics business, is currently trading ahead of last year as it continues to focus on growing its revenue pipeline and delivering operational efficiency improvements.

In view of the continued strong demand for our Leisure Travel package holiday and flight-only products, the Board is optimistic that Group performance for the financial year ending 31 March 2016 will materially exceed current market expectations. The Company will provide a further trading update in mid-October following the half year end.

The Board is also pleased to announce that, in order to meet the future anticipated growth of its Leisure Travel business and for planned fleet replacement, the Company has entered into an agreement with Boeing to purchase 27 new Boeing 737-800NG aircraft. These aircraft will be delivered between September 2016 and April 2018.  

At current list prices, the total value of this transaction is approximately $2.6 billion though the Company has negotiated significant discounts from the list price.  The aircraft are expected to be funded through a combination of internal resources and debt.”

For further information contact:

Dart Group PLC
Philip Meeson, Group Chairman and Chief Executive
Gary Brown, Group Chief Financial Officer
Tel: 0113 238 7444
Smith & Williamson Corporate Finance Limited
Nominated Adviser
David Jones
Tel: 020 7131 4000
Canaccord Genuity - Joint Broker
Guy Marks / Mark Whitmore
Tel: 020 7523 8000
Arden Partners - Joint Broker
Christopher Hardie
Tel: 020 7614 5900
Buchanan - Financial PR
Richard Oldworth
Tel: 020 7466 5000