2007/082006/072005/062004/052003/042002/03Key Documents

Dart Group PLC Company Reports

Interim Results 2015

Interim Results 2015

Chairman's Statement

I am pleased to report on the Group's trading performance for the half year ended 30 September 2015 in our two businesses, “Leisure Travel” - incorporating Jet2holidays, our ATOL protected package holidays operator and Jet2.com, the North's leading leisure airline - and “Distribution & Logistics”, comprising Fowler Welch, one of the UK's leading logistics providers.

In what has proven to be an exceptional summer season, Group operating profit increased 65% to £147.1m (2014 underlying: £89.4m) and profit before tax by 66% to £146.8m (2014 underlying: £88.7m).

The increase in Group operating profit reflects consistently strong summer trading in our Leisure Travel business coupled with our Distribution & Logistics business performing ahead of last year. However, increased losses are to be expected in the second half of the year as our expanding Leisure Travel business invests in additional aircraft, advertising and people in readiness for the summer 2016 season.

The Group generated increased net cash flow from operating activities of £199.8m (2014: £93.2m), reflecting the improved Leisure Travel trading performance. Total capital expenditure of £60.9m (2014:£25.5m) included the purchase of one Boeing 737-800, pre-delivery payments for new aircraft, the majority of which have been financed, deposits for new aircraft and continued investment in the long-term maintenance of our aircraft fleet.

Cash and money market deposits increased by £144.0m in the half (2014: £68.1m), resulting in total cash held at the reporting date of £446.8m (2014: £331.8m), which included advance payments from Leisure Travel customers of £183.7m (2014: £145.0m).

Basic earnings per share increased to 79.82p from an underlying 48.25p in 2014. In view of the outlook for the full year, the Board has decided to pay an increased interim dividend of 0.90p per share (2014: 0.75p). The dividend will be paid on 1 February 2016 to shareholders on the register at 4 January 2016.

read more