Business
Preliminary results announcem
Preliminary results announcem.
About this update from Jet2 Plc
[{"type":"text","content":"\n RNS Number : 5310W Dart Group PLC 30 July 2009 \n \nDART GROUP PLC\nPRELIMINARY UNAUDITED RESULTS FOR YEAR ENDED 31 MARCH 2009\n\nDart Group PLC (the 'Group'), the aviation and distribution group, announces its preliminary results for the year ended 31 March 2009. These results are presented under International Financial Reporting Standards (IFRS). \n\nCHAIRMAN'S STATEMENT\n\nI am pleased to report on the Group's trading for the year ended 31 March 2009 - a successful year for the Group. Although turnover grew only slightly to £439m (2008: £429m), profitability was improved, principally through stronger trading performance in Jet2.com. Profit before tax amounted to £33.5m (2008: £11.8m) with earnings per share of 19.3p (2008: 6.2p). Underlying profit before tax, before specific IAS 39 fair value movements, would have been £28.8m (2008: £3.9m). In the light of Summer 2009 trading, the Board has concluded that it is appropriate to resume payment of a dividend at a level of 0.71p per share.\n\nCapital expenditure for the year ended 31 March 2009 was £27.9m (2008: £38.5m), with the reduction principally related to the phasing of long term maintenance spend on engines and airframes. As at 31 March 2009, the Group's net cash position amounted to £11.8m, which represents a significant improvement from 31 March 2008, at which time the Group had net debt of £17.2m. \n\nAll of Jet2.com's expected fuel requirements for its passenger operations have been hedged for the year ending 31 March 2010, as have nearly all of the Group's forecast US$ and Euro requirements. Neither Jet2.com's freight operations nor Fowler Welch-Coolchain currently have any material exposure to oil price risk as this is substantially covered in their commercial contracts.\n\nAviation \nJet2.com, the Group's leisure airline, focused its development in 2008/9 on a wider range of leisure sun routes. New leisure routes were added, principally from Leeds and Manchester. In order to match supply with expected market demand, Jet2.com managed down overall capacity both in Summer ...