![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jet2 Plc | LSE:JET2 | London | Ordinary Share | GB00B1722W11 | ORD 1.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
14.00 | 0.98% | 1,444.00 | 1,444.00 | 1,446.00 | 1,447.00 | 1,419.00 | 1,419.00 | 449,490 | 15:05:40 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Air Transport, Nonscheduled | 6.26B | 399.2M | 1.8593 | 7.73 | 3.07B |
TIDMDTG
RNS Number : 2235G
Dart Group PLC
19 November 2015
DART GROUP PLC
Interim Results
Dart Group PLC, the Leisure Travel and Distribution & Logistics Group ("the Group"), announces its unaudited interim results for the half year ended 30 September 2015. These results are presented under International Financial Reporting Standards ("IFRS").
Financial highlights Half year ended Half year ended Change 30 September 30 September 2015 2014 (Unaudited) (Unaudited) ------------------------------------------------ ------------------ ------------------ -------- Group revenue GBP1,024.0m GBP902.2m 14% ================================================ ================== ================== ======== Group operating profit (underlying(1) ) GBP147.1m GBP89.4m 65% Operating profit margin (underlying(1) ) 14.4% 9.9% 4.5ppts ================================================ ================== ================== ======== Group operating profit GBP147.1m GBP72.4m 103% Operating profit margin 14.4% 8.0% 6.4ppts ================================================ ================== ================== ======== Profit before tax (underlying(1) ) GBP146.8m GBP88.7m 66% Profit before tax GBP146.8m GBP71.7m 105% ================================================ ================== ================== ======== Basic earnings per share (underlying(1) ) 79.82p 48.25p 65% Basic earnings per share 79.82p 38.93p 105% Interim dividend per share 0.90p 0.75p 20% ------------------------------------------------ ------------------ ------------------ -------- Note 1: Underlying profit references are stated excluding separately disclosed items (note 6)
* In order to meet the future anticipated growth of its Leisure Travel business and for planned fleet replacement, in September 2015 the Group entered into an agreement with Boeing to purchase 27 new Boeing 737-800NG aircraft to be delivered between September 2016 and April 2018. At current list prices, the total value of this transaction is approximately $2.6 billion although the Group has negotiated significant discounts from the list price.
* An exceptional summer season saw Group revenue increase 14% to GBP1,024.0m (2014: GBP902.2m) whilst Group operating profit increased 65% to GBP147.1m (2014 underlying(1) : GBP89.4m) underpinned by continued strong growth in the Leisure Travel business.
* Profit before tax grew 66% to GBP146.8m (2014 underlying(1) : GBP88.7m). Interim dividend per share increased by 20% to 0.90p (2014: 0.75p).
* Leisure Travel revenue growth of 15% to GBP951.7m (2014: GBP824.1m) reflects a 22% increase in the number of Jet2holidays package holiday customers to 0.94m (2014: 0.77m), now representing 42% of overall flown customers (2014: 33%). Our important flight-only product was enjoyed by 2.65m passengers (2014: 3.07m).
* As a result of careful seat capacity management and buoyant customer demand, the business achieved a record average load factor of 94.1% (2014: 91.8%) alongside a significant increase in Jet2.com's average net ticket yield of 16%, which is also a result of increased flying to Eastern Mediterranean sun destinations.
* Distribution & Logistics contributed GBP72.3m of revenue (2014: GBP78.1m) and achieved an operating profit of GBP3.5m, a growth of GBP1.9m on the prior period.
* With winter 2015/16 Leisure Travel bookings continuing to perform in line with expectations and notwithstanding the important post-Christmas booking period that is still to come, the Board is optimistic that current market expectations for the full year will be achieved.
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 GBP147.1m (2014 underlying: GBP89.4m) and profit before tax by 66% to GBP146.8m (2014 underlying: GBP88.7m).
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 GBP199.8m (2014: GBP93.2m), reflecting the improved Leisure Travel trading performance. Total capital expenditure of GBP60.9m (2014: GBP25.5m) 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 GBP144.0m in the half (2014: GBP68.1m), resulting in total cash held at the reporting date of GBP446.8m (2014: GBP331.8m), which included advance payments from Leisure Travel customers of GBP183.7m (2014: GBP145.0m).
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.
Leisure Travel
The Group's Leisure Travel business specialises in the provision of ATOL licensed package holidays by its tour operator Jet2holidays and scheduled leisure flights by its airline Jet2.com, to high volume leisure destinations in the Mediterranean, the Canary Islands and to European Leisure Cities.
Leisure Travel revenue grew by 15% to GBP951.7m (2014: GBP824.1m) at an operating profit margin of 15% (2014 underlying: 11%), resulting in operating profit growth of 64% to GBP143.6m (2014 underlying: GBP87.8m).
Summer 2015 trading has been strong with demand for our package holidays continuing to grow as Jet2holidays took 0.94m (2014: 0.77m) customers on holiday, an increase of 22%, representing 42% (2014: 33%) of overall flown customers. Our important flight-only product was enjoyed by 2.65m passengers in the period (2014: 3.07m). All of our customers flew with Jet2.com, enabling us to provide a seamless holiday experience.
Jet2.com flew a total of 4.53m passengers in the six months to 30 September 2015 (2014: 4.62m), a slight decrease of 2% over the same period last year against a backdrop of careful seat capacity management. As a result of this and buoyant customer demand, the business achieved a record average load factor of 94.1% (2014: 91.8%) alongside a significant increase in average net ticket yield of 16%. The average price of a package holiday grew 5%.
Non-ticket revenue per passenger grew 4% to GBP32.55 (2014: GBP31.35). We continue to optimise this revenue stream through our customer contact programme, which focusses on pre-departure online sales of hold bags, advanced seat assignment, pre-ordered meals, travel insurance and car hire, and through in-flight sales of meals, drinks, snacks, cosmetics, perfumes and duty free products.
The Leisure Travel business expanded its fleet to 59 aircraft for summer 2015 (summer 2014: 55) with commensurate increases in pilots, engineers and cabin crew. We will continue to develop our customer-focused flying programme into summer 2016, which will include the addition of two new destinations - Girona and Naples.
KPIs Half Half year year Half Year ended ended year ended 30 Sept 30 Sept end 31 Mar 15 14 change 15 ---------------------------------- ---------- ---------- -------- ---------- Owned aircraft at the reporting date 45 44 2% 44 ================================== ========== ========== ======== ========== Aircraft on operating leases at the reporting date 12 10 20% 11 ================================== ========== ========== ======== ========== Leisure Travel sector seats available (capacity) 4.81m 5.03m (4%) 6.63m ================================== ========== ========== ======== ========== Leisure Travel passenger sectors flown 4.53m 4.62m (2%) 6.05m ================================== ========== ========== ======== ========== Leisure Travel load factor 94.1% 91.8% 2.3ppts 91.2% ================================== ========== ========== ======== ========== Flight-only passenger sectors flown 2.65m 3.07m (14%) 4.05m ================================== ========== ========== ======== ========== Package holiday passenger
(MORE TO FOLLOW) Dow Jones Newswires
November 19, 2015 02:00 ET (07:00 GMT)
sectors flown 1.88m 1.54m 22% 2.00m ================================== ========== ========== ======== ========== Package holiday customers 0.94m 0.77m 22% 1.00m ================================== ========== ========== ======== ========== Net ticket yield per passenger GBP93.09 GBP79.99 16% GBP79.87 sector (excl. taxes) ================================== ========== ========== ======== ========== Average package holiday price GBP625.78 GBP593.26 5% GBP590.69 ================================== ========== ========== ======== ========== Non-ticket revenue per passenger GBP32.55 GBP31.35 4% GBP30.91 sector ================================== ========== ========== ======== ========== Advance sales made as at GBP376.3m GBP266.8m 41% GBP580.3m the reporting date ---------------------------------- ---------- ---------- -------- ----------
Distribution & Logistics
Our distribution business, Fowler Welch, is one of the UK's leading providers of distribution and logistics services to the food industry supply chain, serving retailers, processors, growers and importers through its distribution network.
The business operates from eight prime UK distribution sites, with major temperature-controlled operations in the key produce growing and importing areas of Spalding in Lincolnshire, Teynham and Paddock Wood in Kent and Hilsea near Portsmouth. Ambient (non-temperature-controlled) consolidation and distribution services are provided at Desborough, Northamptonshire and at Heywood near Bury, Greater Manchester. It also operates two regional distribution sites at Washington, Tyne and Wear and at Newton Abbott, Devon.
Fowler Welch revenue reduced by 7% to GBP72.3m (2014: GBP78.1m) primarily due to lower fuel costs which are passed on to customers. However, operating profit increased by GBP1.9m to GBP3.5m (2014: GBP1.6m), as operating margins improved by 2.8ppts to 4.8%.
Fowler Welch and its partner have continued to develop their joint venture operation, Integrated Service Solutions ("ISS"), which provides a full range of fruit ripening and packing services to the produce sector for locally grown and imported fruits at Fowler Welch's Teynham facility. Throughput and revenue are increasing as the mix of product and the productivity of the various packing lines improves.
KPIs Half year Half year Half Year ended ended year ended 30 Sept 30 Sept end 31 Mar 15 14 change 15 ------------------------- --------- ---------- -------- -------- Warehouse space (square feet) 847,000 847,000 - 847,000 ========================= ========= ========== ======== ======== Number of tractor units in operation 420 450 (7%) 467 ========================= ========= ========== ======== ======== Number of trailer units in operation 637 640 - 655 ========================= ========= ========== ======== ======== Miles per gallon 9.2 9.4 (2%) 9.2 ========================= ========= ========== ======== ======== Fleet mileage 19.5m 21.4m (9%) 41.5m ------------------------- --------- ---------- -------- --------
Outlook
With winter 2015/16 Leisure Travel bookings continuing to perform in line with expectations and notwithstanding the important post-Christmas booking period that is still to come, the Board is optimistic that current market expectations for the full year will be achieved.
Philip Meeson
Chairman
19 November 2015
For further information please contact:
Dart Group PLC Tel: 0113 239 Philip Meeson, Group Chairman 7817 and Chief Executive Gary Brown, Group Chief Financial Officer Smith & Williamson Corporate Tel: 020 7131 Finance Limited 4000 Nominated Adviser David Jones Canaccord Genuity - Joint Tel: 020 7523 Broker 8000 Guy Marks / Mark Whitmore Arden Partners - Joint Broker Tel: 020 7614 Christopher Hardie 5900 Buchanan - Financial PR Tel: 020 7466 Richard Oldworth 5000
Dart Group PLC
Consolidated Income Statement (Unaudited)
For the half year ended 30 September 2015
Description Note Half Half year Restated year year ended ended ended 30 September 31 March 30 2014 2015 September Unaudited Audited 2015 Unaudited ---------------- ----- ---------- ---------------------------------- ------------------------------------ Results Results Total before Separately Total before Separately Total separately disclosed separately disclosed disclosed items disclosed items items items GBPm GBPm GBPm GBPm GBPm GBPm GBPm ---------------- ----- ---------- ----------- ----------- -------- ----------- ----------- ---------- Turnover 4 1,024.0 902.2 - 902.2 1,253.2 - 1,253.2 Net operating 4, expenses 6 (876.9) (812.8) (17.0) (829.8) (1,203.0) (17.0) (1,220.0) ---------------- ----- ---------- ----------- ----------- -------- ----------- ----------- ---------- Operating 4, profit 6 147.1 89.4 (17.0) 72.4 50.2 (17.0) 33.2 Finance income 1.3 1.1 - 1.1 1.7 - 1.7 Finance costs (1.6) (0.6) - (0.6) (1.1) - (1.1) Revaluation of derivative hedges - (1.8) - (1.8) 1.6 - 1.6 Revaluation of foreign currency balances - 0.6 - 0.6 4.8 - 4.8 ----------------------- ----------- ----------- -------- ----------- ----------- ---------- Net financing (costs)/income 7 (0.3) (0.7) - (0.7) 7.0 - 7.0 Profit before taxation 146.8 88.7 (17.0) 71.7 57.2 (17.0) 40.2 Taxation 9 (29.3) (18.3) 3.4 (14.9) (10.8) 3.4 (7.4) Profit for the period All attributable to equity shareholders of the parent 117.5 70.4 (13.6) 56.8 46.4 (13.6) 32.8 ---------------- ----- ---------- ----------- ----------- -------- ----------- ----------- ---------- Earnings per share 5 - basic 79.82p 48.25p (9.32)p 38.93p 31.72p (9.30)p 22.42p - diluted 79.23p 47.56p (9.19)p 38.37p 31.40p (9.20)p 22.20p
Dart Group PLC
Consolidated Statement of Comprehensive Income (Unaudited)
For the half year ended 30 September 2015
Half year Half year Year ended ended ended 31 March 30 September 30 September 2015 2015 2014 Audited Unaudited Unaudited GBPm GBPm GBPm Profit for the period attributable to equity holders of the parent company 117.5 56.8 32.8 Effective portion of changes in fair value movements in cash flow hedges (10.6) (19.5) (98.7) Net change in fair value of effective cash flow hedges transferred to profit 62.0 21.4 32.0 Taxation on components of other comprehensive income (10.7) (0.4) 13.1 -------------- -------------- ----------- Other comprehensive income & expense for the period, net of taxation 40.7 1.5 (53.6) Total comprehensive income for the period attributable to equity holders of the parent company 158.2 58.3 (20.8) ============== ============== ===========
Dart Group PLC
Consolidated Group Balance Sheet (Unaudited)
(MORE TO FOLLOW) Dow Jones Newswires
November 19, 2015 02:00 ET (07:00 GMT)
As at 30 September 2015
Restated 30 September 30 September 31 March 2015 2014 2015 Unaudited Unaudited Audited GBPm GBPm GBPm Non-current assets Goodwill 6.8 6.8 6.8 Property, plant and equipment 301.4 274.6 295.3 Derivative financial instruments 4.1 2.3 1.5 312.3 283.7 303.6 --------------- --------------- ---------- Current assets Inventories 1.7 2.4 2.0 Trade and other receivables 257.8 185.0 365.6 Derivative financial instruments 8.9 4.7 27.0 Money market deposits 98.5 29.5 65.5 Cash and cash equivalents 348.3 302.3 237.3 715.2 523.9 697.4 --------------- --------------- ---------- Total assets 1,027.5 807.6 1,001.0 --------------- --------------- ---------- Current liabilities Trade and other payables 204.4 194.3 85.7 Deferred revenue 371.9 263.9 579.6 Borrowings 0.8 0.8 0.8 Provisions 33.5 24.4 28.7 Derivative financial instruments 61.6 31.6 103.8 672.2 515.0 798.6 --------------- --------------- ---------- Non-current liabilities Other non-current liabilities 0.2 9.8 0.5 Deferred revenue 4.4 2.9 0.7 Borrowings 13.0 8.6 8.2 Derivative financial instruments 0.4 10.7 25.1 Deferred tax liabilities 21.6 20.3 10.7 --------------- --------------- ---------- 39.6 52.3 45.2 --------------- --------------- ---------- Total liabilities 711.8 567.3 843.8 Net assets 315.7 240.3 157.2 =============== =============== ========== Shareholders' equity Share capital 1.8 1.8 1.8 Share premium 12.2 11.6 11.9 Cash flow hedging reserve (39.7) (25.3) (80.4) Retained earnings 341.4 252.2 223.9 ---------- Total shareholders' equity 315.7 240.3 157.2 =============== =============== ==========
Dart Group PLC
Consolidated Cash Flow Statement (Unaudited)
For the half year ended 30 September 2015
Half year Half year Restated ended ended year 30 September 30 September ended 2015 2014 31 March Unaudited Unaudited 2015 GBPm GBPm Audited GBPm Cash flows from operating activities Profit on ordinary activities before taxation 146.8 71.7 40.2 Adjustments for: Finance income (1.3) (1.1) (1.7) Finance costs 1.6 0.6 1.1 Revaluation of derivative hedges - 1.8 (1.6) Revaluation of foreign currency balances - (0.6) (4.8) Depreciation 54.8 42.5 71.3 Equity settled share based payments - 0.2 0.1 Operating cash flows before movements in working capital 201.9 115.1 104.6 Decrease in inventories 0.3 0.7 1.1 Decrease / (increase) in trade and other receivables 107.9 101.0 (79.4) Increase / (decrease) in trade and other payables 90.0 77.9 (24.3) (Decrease) / increase in deferred revenue (204.1) (218.2) 95.4 Increase in provisions 4.8 22.0 26.3 Cash generated from operations 200.8 98.5 123.7 Interest received 1.3 1.1 1.7 Interest paid (1.6) (0.6) (1.1) Income taxes paid (0.7) (5.8) (8.2) Net cash from operating activities 199.8 93.2 116.1 -------------- ---------------- ---------- Cash flows from investing activities Purchase of property, plant and equipment (60.9) (25.5) (76.4) Proceeds from sale of - - - property, plant and equipment Net (increase) / decrease in money market deposits (33.0) 23.0 (13.0) Net cash used in investing activities (93.9) (2.5) (89.4) -------------- ---------------- ---------- Cash flows from financing activities Repayment of borrowings (0.4) (0.4) (0.8) New loans advanced 5.2 - - Proceeds on issue of shares 0.3 0.2 0.5 Equity dividends paid - - (4.2) Net cash from / (used in) financing activities 5.1 (0.2) (4.5) -------------- ---------------- ---------- Effect of foreign exchange rate changes - 0.6 3.9 Net increase in cash in the period 111.0 91.1 26.1 Cash and cash equivalents at beginning of period 237.3 211.2 211.2 Cash and cash equivalents at end of period 348.3 302.3 237.3 ============== ================ ==========
Dart Group PLC
Consolidated Statement of Changes in Equity
For the half year ended 30 September 2015
Share Share Cash flow Retained Total reserves capital premium hedging earnings reserve GBPm GBPm GBPm GBPm GBPm --------- --------- ---------- ---------- --------------- Balance at 1 April 2014 - Audited 1.8 11.4 (26.8) 195.2 181.6 Total comprehensive income for the period - - 1.5 56.8 58.3 Share based payments - - - 0.2 0.2 Issue of share capital - 0.2 - - 0.2 Balance at 30 September 2014 - Unaudited 1.8 11.6 (25.3) 252.2 240.3 Total comprehensive income for the period - - (55.1) (24.0) (79.1) Dividends paid in the period - - - (4.2) (4.2) Share based payments - - - (0.1) (0.1) Issue of share capital - 0.3 - - 0.3 Balance at 31 March 2015 - Audited 1.8 11.9 (80.4) 223.9 157.2 Total comprehensive income for the period - - 40.7 117.5 158.2 Share based payments - - - - - Issue of share capital - 0.3 - - 0.3 Balance at 30 September 2015 - Unaudited 1.8 12.2 (39.7) 341.4 315.7
(MORE TO FOLLOW) Dow Jones Newswires
November 19, 2015 02:00 ET (07:00 GMT)
========= ========= ========== ========== ===============
Dart Group PLC
Notes to the consolidated financial statements
For the half year ended 30 September 2015 (Unaudited)
1. General information
The Group's financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("Adopted IFRS"). The Group's financial statements consolidate the financial statements of Dart Group PLC and its subsidiaries.
This interim financial report does not fully comply with IAS 34 "Interim Financial Reporting", which is not currently required to be applied by AIM companies.
2. Accounting policies
Basis of preparation of the interim report
The unaudited consolidated interim financial report for the half year ended 30 September 2015 does not constitute statutory accounts as defined in s435 of the Companies Act 2006. The financial statements for the year ended 31 March 2015 were prepared in accordance with IFRS and have been delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under s495(2) nor (3) of the Companies Act 2006. In this report, the comparative figures for the year ended 31 March 2015 have been audited. The comparative figures for the half year ended 30 September 2014 are unaudited.
The financial statements have been prepared under the historical cost convention except for all derivative financial instruments, which have been measured at fair value.
The Group's financial statements are presented in pounds sterling and all values are rounded to the nearest GBP100,000 except where indicated otherwise.
Derivative financial instruments and hedging
The Group uses forward foreign currency contracts and monthly aviation fuel swaps to hedge its exposure to foreign exchange rates and aviation fuel price volatility. It also uses forward EU Allowance contracts and Certified Emissions Reduction contracts to hedge exposure to Carbon Emissions Allowance price volatility. Such derivative financial instruments are stated at fair value.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective portion of the gain or loss on the hedging instrument from the inception of the hedging relationship is recognised directly in the cash flow hedging reserve within equity. Any ineffective portion is recognised within the Consolidated Income Statement. For all other cash flow hedges, the recycling of the cash flow hedge is taken to the Consolidated Income Statement in the same period in which the hedged transaction begins to affect profit or loss.
Going concern
The Directors have prepared financial forecasts for the Group, comprising operating profit, balance sheet and cash flows through to 31 March 2018.
For the purposes of their assessment of the appropriateness of the preparation of the Group's unaudited interim financial statements on a going concern basis, the Directors have considered the current cash position, the availability of banking facilities, forecasts of future trading through to 31 March 2018, including performance against financial covenants, and the assessment of principal areas of uncertainty and risk.
Having considered the points outlined above, the Directors have a reasonable expectation that the Group will be able to operate within the levels of available facilities and cash for the foreseeable future. Consequently, they continue to adopt the going concern basis in preparing the financial statements for the half year ended 30 September 2015.
3. Adoption of new and revised standards
The following new or revised International Financial Reporting Standards and IFRIC interpretations will be adopted, where applicable, for the purpose of preparing future financial statements. The Group does not anticipate that the adoption of these new or revised standards and interpretations will have a material impact on its financial position or results from operations.
International Financial Applies to Reporting Standards periods beginning after -------------------------------------------- ------------- Disclosure Initiative (Amendments January 2016 to IAS 1) IFRS 15 Revenue from Contracts January 2018 with Customers IFRS 15 prescribes a new model of revenue recognition in relation to contracts with customers so that revenue reflects the consideration to which an entity expects to be entitled given an exchange for contracted goods or services. This is a converged standard on revenue recognition which replaces IAS 18 'Revenue', IAS 11 'Construction contracts' and related interpretations. The Group is currently assessing the impact of the new standard. IFRS 9 Financial Instruments January 2018 ------------------------------------------ --------------- 4. Segmental information
Business Segments
The Chief Operating Decision Maker ("CODM") is responsible for the overall resource allocation and performance assessment of the Group. The Board of Directors approves major capital expenditure, assesses the performance of the Group and also determines key financing decisions. Consequently, the Board of Directors is considered to be the CODM.
The Group's operating segments have been identified based on the internal reporting information provided to the CODM in order for the CODM to formulate allocation of resources to segments and assess their performance. The Group has two operating segments: Leisure Travel and Distribution & Logistics.
The Leisure Travel business serves its customers' demand for package holidays in, and flights to, high volume leisure destinations in the Mediterranean, the Canary Islands and European Leisure Cities. Resource allocation decisions are based on our entire route network and the deployment of the entire aircraft fleet.
The Distribution & Logistics business is run on the basis of the evaluation of distribution centre-level performance data. However, resource allocation decisions are made based on the entire distribution network. The objective in making resource allocation decisions is to maximise the segment results rather than the results of the individual distribution centres within the network.
Group eliminations include the removal of inter-segment assets and liabilities.
Following the identification of the operating segments, the Group has assessed the similarity of their characteristics. Given the different performance targets, customer bases and operating markets of each, it is not currently appropriate to aggregate the operating segments for reporting purposes and therefore both of the identified operating segments are disclosed as reportable segments for the half year ended 30 September 2015.
Revenue from reportable segments is measured on a basis consistent with the income statement and is principally generated from within the UK, the Group's country of domicile.
Leisure Distribution Group Total Travel & Logistics eliminations GBPm GBPm GBPm GBPm Half year to 30 September 2015 (Unaudited) Turnover 951.7 72.3 - 1024.0 EBITDA 197.3 4.6 - 201.9 Operating profit 143.6 3.5 - 147.1 Finance income 1.3 - - 1.3 Finance costs (1.6) - - (1.6) Revaluation of - derivative hedges - - - Revaluation of - foreign currency balances - - - -------- ------------- ------------------- -------- Net financing costs (0.3) - - (0.3) Profit before taxation 143.3 3.5 - 146.8 Taxation (28.7) (0.6) - (29.3) -------- ------------- ------------------- -------- Profit after taxation 114.6 2.9 - 117.5 ======== ============= =================== ======== Assets and liabilities Segment assets 952.9 80.3 (5.7) 1,027.5 Segment liabilities (687.7) (29.8) 5.7 (711.8) -------- ------------- ------------------- -------- Net assets 265.2 50.5 - 315.7 ======== ============= =================== ======== Other segment information Property, plant and equipment additions 60.7 0.2 - 60.9 Depreciation, amortisation and impairment (53.7) (1.1) - (54.8) Share based payments - - - - Leisure Distribution Group Total Travel & Logistics eliminations
(MORE TO FOLLOW) Dow Jones Newswires
November 19, 2015 02:00 ET (07:00 GMT)
GBPm GBPm GBPm GBPm Half year to 30 September 2014 (Unaudited) Turnover 824.1 78.1 - 902.2 Underlying EBITDA 129.2 2.7 - 131.9 Underlying operating profit 87.8 1.6 - 89.4 Finance income 1.1 - - 1.1 Finance costs (0.6) - - (0.6) Revaluation of derivative hedges (1.8) - - (1.8) Revaluation of foreign currency balances 0.6 - - 0.6 -------------- ------------------- ------------------- ---------------- Net financing costs (0.7) - - (0.7) Underlying profit before taxation 87.1 1.6 - 88.7 Separately disclosed items (17.0) - - (17.0) Profit before taxation 70.1 1.6 - 71.7 Taxation (14.6) (0.3) - (14.9) -------------- ------------------- ------------------- ---------------- Profit after taxation 55.5 1.3 - 56.8 ============== =================== =================== ================ Assets and liabilities Segment assets 737.3 76.7 (6.4) 807.6 Segment liabilities (540.8) (32.9) 6.4 (567.3) -------------- ------------------- ------------------- ---------------- Net assets 196.5 43.8 - 240.3 ============== =================== =================== ================ Other segment information Property, plant and equipment additions 24.2 1.3 - 25.5 Depreciation, amortisation and impairment (41.4) (1.1) - (42.5) Share based payments (0.2) - - (0.2) Leisure Distribution Group Total Travel & Logistics eliminations GBPm GBPm GBPm GBPm Restated year ended 31 March 2015 (Audited) Turnover 1,101.5 151.7 - 1,253.2 Underlying EBITDA 116.0 5.5 - 121.5 Underlying operating profit 46.9 3.3 - 50.2 Finance income 1.7 - - 1.7 Finance costs (1.1) - - (1.1) Revaluation of derivative hedges 1.6 - - 1.6 Revaluation of foreign currency balances 4.8 - - 4.8 -------------- ------------------- ------------------- ---------------- Net financing income 7.0 - - 7.0 Underlying profit before taxation 53.9 3.3 - 57.2 Separately disclosed items (17.0) - - (17.0) Profit before taxation 36.9 3.3 - 40.2 Taxation (6.7) (0.7) - (7.4) -------------- ------------------- ------------------- ---------------- Profit after taxation 30.2 2.6 - 32.8 ============== =================== =================== ================ Assets and liabilities Segment assets 923.3 84.2 (6.5) 1,001.0 Segment liabilities (813.7) (36.6) 6.5 (843.8) -------------- ------------------- ------------------- ---------------- Net assets 109.6 47.6 - 157.2 ============== =================== =================== ================ Other segment information Property, plant and equipment additions 74.4 2.0 - 76.4 Depreciation, amortisation and impairment (69.1) (2.2) - (71.3) Share based payments (0.1) - - (0.1) 5. Earnings per share
The calculation of earnings per share is based on the following:
Half year Half year Year to to to 31 March 30 September 30 September 2015 Audited 2015 2014 Unaudited Unaudited Underlying profit for the period (GBPm) 117.5 70.4 46.4 Profit for the period (GBPm) 117.5 56.8 32.8 -------------- -------------- -------------- Weighted average number of ordinary shares: in issue during the period used to calculate basic earnings per share 147,181,935 145,907,224 146,278,585 in issue during the period used to calculate diluted earnings per share 148,281,860 148,032,833 147,734,230 6. Separately disclosed items
Separately disclosed items are presented in the middle column of the half year ended 30 September 2014 and year ended 31 March 2015 Consolidated Income Statement in order to assist the reader's understanding of the underlying business performance and to provide a more meaningful presentation. In each case, the right hand column presents the results for the period showing all gains and losses recorded in the Consolidated Income Statement.
EU Regulation 261
Both the half year ended 30 September 2014 and the year ended 31 March 2015 Consolidated Income Statements include a separately disclosed, exceptional provision of GBP17.0m, in relation to possible passenger compensation claims for historical flight delays under Regulation (EC) No 261/2004.
7. Net financing (costs) / income Half year Half year Year to to to 31 March 30 September 30 September 2015 2015 2014 Audited Unaudited Unaudited Finance income - interest receivable 1.3 1.1 1.7 Finance costs - borrowings (1.6) (0.6) (1.1) Revaluation of derivative hedges - change in fair value of ineffective cash flow hedges - (1.8) 1.6 Revaluation of foreign currency balances - 0.6 4.8 Net financing (costs) / income (0.3) (0.7) 7.0 ============== ============== ========== 8. Dividends
The declared interim dividend of 0.90p per share (2014: 0.75p) will be paid, out of the Company's available distributable reserves, on 1 February 2016, to shareholders on the register at 4 January 2016. In accordance with IAS 1, dividends are recorded only when paid and are shown as a movement in equity rather than as a charge to the Income Statement.
9. Taxation
The tax charge for the period of GBP29.3m (2014: GBP14.9m) reflects an estimated effective tax rate of approximately 20% (2014: 21%).
(MORE TO FOLLOW) Dow Jones Newswires
November 19, 2015 02:00 ET (07:00 GMT)
1 Year Jet2 Chart |
1 Month Jet2 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions