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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10.00 | 0.70% | 1,440.00 | 1,439.00 | 1,441.00 | 1,447.00 | 1,419.00 | 1,419.00 | 530,673 | 16:29:56 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Air Transport, Nonscheduled | 6.26B | 399.2M | 1.8593 | 7.74 | 3.07B |
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RNS Number : 1536O
Dart Group PLC
24 June 2010
DART GROUP PLC
PRELIMINARY UNAUDITED RESULTS FOR YEAR ENDED 31 MARCH 2010
Dart Group PLC (the 'Group'), the Aviation and Distribution Group, announces its
preliminary results for the year ended 31 March 2010. These results are
presented under International Financial Reporting Standards (IFRS).
CHAIRMAN'S STATEMENT
I am pleased to report on the Group's trading for the year ended 31 March 2010 -
a reasonably satisfactory year for the Group in what were challenging conditions
for our Aviation business, Jet2.com. It was, however, an encouraging year for
our Distribution business, Fowler Welch-Coolchain. Group turnover fell slightly
to GBP434m (2009: GBP439m). Group profitability was impacted by lower margins
in Jet2.com, as a result of reduced customer demand. Group profit before tax
amounted to GBP22.2m (2009: GBP33.5m) with earnings per share of 11.1p (2009:
19.3p). Underlying profit before tax, before specific IAS 39 fair value
movements, was GBP19.1m (2009: GBP28.8m). In consideration of the Group's
current trading performance, the Board recommends a final dividend of 0.75p per
share (2009: 0.71p). If approved at the Group's Annual General Meeting to be
held on 2 September 2010, this dividend will be payable on 15 October 2010 to
shareholders on the Group's register at the close of business on 10 September
2010. The associated ex-dividend date will be 8 September 2010.
Capital expenditure for the year ended 31 March 2010 was GBP32.1m (2009:
GBP27.9m). This expenditure related principally to long term maintenance spend
on aircraft airframes and engines, together with the acquisition of a further
Boeing 757-200 aircraft. As at 31 March 2010, the Group's net cash position
amounted to GBP52.2m (2009: GBP11.8m). Net cash flow from operating activities
amounted to GBP73.2m (2009: GBP58.4m), driven principally by improved forward
bookings in Jet2.com.
Aviation
Jet2.com, the Group's leisure airline, experienced weaker customer demand for
its passenger services, especially during off-peak and winter months, with
flights to skiing destinations being particularly affected. However, early
action was taken to reduce capacity and frequency in order to control potential
losses. At the same time we continued to develop our services to year round
'far sun' destinations, including additional flights to Cyprus, Egypt and the
Canary Islands, although this was, of course, in the face of increased capacity
from other operators. New destinations added to the Jet2.com network in 2009
were Dalaman, Dubrovnik, Newquay, Tel Aviv and Split, with capacity closely
tailored to anticipated demand. Overall 2009/10 seat capacity was 7% below that
of the previous year.
Jet2.com is supported by 5 key income streams:-
· Seat only sales via the Jet2.com web site, with the unique proposition of
'great flight times', '22kg baggage allowance', 'allocated seating', and
'loyalty points for free flights';
· Jet2holidays.com - the Group's expanding Tour Operator, offering 'great
value packages that you can trust', using Jet2.com's flights and over 600
directly contracted hotels. Over 64,000 packages were sold in the year and this
is planned to grow substantially going forward;
· The sale of allocations of seats on our flights to other tour operators,
together with sales to the travel trade, thereby spreading commercial risk,
especially for new routes;
· 750 whole-aircraft charters in the year for a wide range of customers
including tour operators, other airlines, sports teams, pilgrims, government &
national agencies, corporate customers, orchestras and cruise lines, to over 130
destinations in Europe, the United States, Canada, the United Arab Emirates and
Saudi Arabia; and
· Our long-term contract with Royal Mail for whom we operate eight Boeing
737-300 'Quick Change' aircraft on night services, carrying primarily First
Class mail. We have flown services for Royal Mail since 1978 and very much
value our relationship.
During the year we carried over 3.1 million scheduled and charter passengers.
A key element in support of our planned future development is our in-house IT
capability. Our software development team has built our Jet2.com and
Jet2holidays.com reservations systems from scratch, working closely with our
commercial and operational teams to deliver to exacting specifications. Our Web
and IT team of over 40 employees (encompassing site design, database management,
software development, operational support and quality assurance) create and
enhance internet based solutions that help us to deliver our great leisure
products. We are continually developing and improving these IT business systems
to meet our customers' needs in a fast changing market.
We use several leading-edge analytical tools to understand our customers'
browsing and purchasing habits and these, together with focus groups and website
usability testing, give us detailed insights into how we can better deliver
products that are attractive to our customers. An example of this is our growing
loyalty scheme, 'myJet2'. We have over 250,000 loyalty scheme members who earn
points for their purchases, redeemable against flights.
Our in-house IT capabilities also greatly benefit the growth of our ancillary
retail revenues, which include checked-in bags with a sector-leading weight
allowance of 22kg, seat selection including extra leg room, pre-booked meals,
great value in-flight service, foreign exchange and commissions on car hire.
Together, these ancillary products brought in GBP21 per passenger in the
financial year to 31 March 2010.
Our challenge is to differentiate the Company in the seat-only market. We
believe our in-house IT, our caring and friendly service and our unique selling
propositions go a good way to achieving this. With the contribution of
passengers from Jet2holidays alongside our other income streams, we feel
optimistic that, provided we are flexible, continue to innovate and to offer
really great value fares, our Aviation business will prosper.
Distribution
It gives me great pleasure to report on the considerable progress made by our
logistics business, Fowler Welch-Coolchain in the year. The Company specialises
in the distribution of chilled and ambient foods and other consumer products on
behalf of leading supermarkets and their suppliers.
Following the financial year end, in May 2010, after a long search, the Company
completed the freehold purchase of a 500,000 sq.ft., 50,000+ pallet capacity,
ambient distribution centre located adjacent to the motorway network in Heywood,
Greater Manchester. This acquisition doubles the Company's distribution
footprint. Known as 'The Hub' and formerly used by major retailers, this
facility is fully racked and ready to go - setting the scene for Fowler
Welch-Coolchain to greatly expand its storage & distribution offering in the
North West. The Company's existing North West distribution business, which is
based at Stockport, Cheshire, is vacating its existing leasehold premises and
will be fully operational from the Hub before Christmas 2010. It is also
planned to offer temperature-controlled storage and distribution from The Hub
following the installation of cold stores in the near future.
IT plays an important role in the success of Fowler Welch-Coolchain and it is
pleasing to report on the successful implementation of the Company's Manhattan
warehouse management software, which is delivering measurable efficiencies and
will imminently also be implemented at the Hub.
Fowler Welch Coolchain's Distribution business is benefitting from a number of
new business wins, together with increased support from existing customers. We
are delighted to be distributing the full range of products sold by Tesco
Express convenience stores in the North East from our distribution centre in
Washington, Tyne and Wear. Other new customers for this distribution centre
include Cumbrian Seafoods, who have awarded Fowler Welch-Coolchain their
pick-to-order warehousing and onward distribution requirements. The quality of
service and growth in business at this site is really encouraging and rewarding,
following our initial freehold investment four years ago and a substantial
upgrade of facilities and services over the past 18 months. Our distribution
business in Kent and our South coast operations at Portsmouth and Southampton
all out-performed expectations in the year, through new business wins and
increased volumes from existing customers.
During the year, considerable internal warehouse development has taken place at
our Spalding distribution centre which is the Company's head office, allowing us
to expand here also. Together with new operations for Tesco out of Avonmouth,
the start of distribution operations in the Midlands for Mars, the growth of our
European operations on behalf of American Airlines and others, and the
development of our recently acquired container business, Bawdsey Haulage Limited
in Felixstowe, the commercial outlook at Fowler Welch-Coolchain, whilst hugely
price competitive, looks encouraging.
Our Staff
Our businesses must maintain their reputation for value for money and customer
service. Low costs and flexibility have to be our drivers. This can only be
achieved by focus on these key ingredients by each of us throughout the Group.
I very much appreciate the support we receive in this respect - for we rely on
customer demand to fuel our future growth.
Outlook
We hope to grow both our businesses in the year ahead, despite the continuing
challenging economic climate. Fowler Welch-Coolchain has good business
development opportunities throughout its operations - and particularly, of
course, in the North West.
Given the right conditions, we will also invest in our leisure airline, with
continued emphasis on leisure destinations, supported by seat-only and package
holiday sales. In the current trading environment, both businesses have started
the year reasonably satisfactorily, despite the disruption caused by the
volcanic ash. With increasing demand for our Distribution services and a
carefully tailored airline flying programme, we are reasonably well placed to
deliver improved financial performance in this financial year.
Philip Meeson
Chairman
24 June 2010
The Group is comprised of two principal operating businesses, Aviation and
Distribution, which trade in separate market segments.
2009/10 performance
The Group's financial performance for the year to 31 March 2010 is reported in
line with International Financial Reporting Standards (IFRS), as adopted by the
EU, which were effective at 31 March 2010.
Underlying Group profit before tax decreased from GBP28.8m to GBP19.1m in the
year to 31 March 2010, reflecting a more challenging trading environment, in
particular for the Group's Aviation operations. Overall turnover fell by 1%,
with growth in Distribution revenues offset by a reduction in Jet2.com, whose
seat capacity was managed down in the light of reduced consumer demand in both
Summer and Winter. Underlying EBITDA of GBP53.0m (2009: GBP65.9m) is down 20% on
last year reflecting lower margins in the Aviation operations.
The Group's effective tax rate for the year of 30% (2009: 19%) was substantially
in line with the corporation tax rate, last year's lower rate being driven by
the recognition of deferred tax assets from tax losses arising in prior years.
In recognition of a reasonably satisfactory year in challenging trading
conditions and current trading performance, the Group recommends, subject to
shareholder approval, a final dividend of 0.75p for the year ended 31 March 2010
(2009: 0.71p).
The Group generated cash inflows of over GBP40m in the year, resulting in a
positive net cash position as at 31 March 2010 of GBP52.2m (2009: GBP11.8m). The
Group's improved cash generation was principally driven by the Aviation division
which saw an increase in forward bookings in the latter part of the year.
Capital expenditure, which increased by approximately GBP4m in the year,
included the acquisition of a further 757-200 aircraft in January 2010, to
operate from Jet2.com's new base at East Midlands airport.
The Group's balance sheet continued to strengthen, driven by both profit
performance in the year and cash generation from advance bookings. The
resultant increase in shareholders' equity and the improved cash position are
the principal changes in the balance sheet from the previous year end. The
growth in trade payables is principally driven by deferred income growth,
reflecting stronger forward booking performance for the forthcoming Summer
relative to the previous year.
Segmental performance
Aviation
The Aviation division comprises the Group's scheduled leisure airline, tour
operations and associated commercial activities, trading under the Jet2.com and
Jet2holidays.com brands. The Company operates 24 Boeing 737-300 aircraft,
including eight 'Quick Change' aircraft, and ten Boeing 757-200 aircraft, from
its home base of Leeds Bradford International Airport, and Belfast, Blackpool,
East Midlands, Edinburgh, Manchester and Newcastle airports.
During 2009/10, Jet2.com continued its careful development of the scheduled
airline network, increasing the number of routes to Eastern Mediterranean
destinations, whilst managing down winter capacity and reducing some
frequencies, tailoring capacity to market demand. Overall scheduled airline seat
capacity was reduced for both Summer 2009 and for Winter 2009/10. This careful
route and capacity management resulted in load factors being increased to 80%
(2008/9: 78%), albeit partly at the expense of yields. Load factor performance
was supported by the ongoing development of the airline's yield management
system and by the sale of seat allocations to third party tour operators,
particularly on newer routes.
Retail revenues continue to be a very important source of income for the
scheduled airline business, allowing low fares to be maintained. Retail revenue
per passenger increased from GBP14.93 to GBP21.12 in 2009/10, these being
generated from a number of sources including hold baggage charges, online seat
assignment, extra leg room seats, and commissions on car hire. Customers are
also able to pre-order hot food. The business is devoting considerable resource
to developing its in-house reservation system to both improve the booking
experience for customers and optimise retail revenues. During the year the
Jet2.com reservation system has also been enhanced to offer our customers
dynamic currency conversion, online redemption for 'myJet2' loyalty scheme
members as well as discounted pricing on bundles of optional purchases such as
food and extra leg room. The trade portal continues to be enhanced to provide
the travel trade with easy access to Jet2.com scheduled flights in recognition
of the importance of the dynamic packaging segment of customer demand.
Jet2.com's passenger and freight activities continue to be an important element
of the overall Aviation operation. The passenger charter activity provides
flights for many different end users, including tour operators, specialist
holiday providers and in support of promotional, sporting and other events, and
enables the business to improve utilisation of aircraft outside peak periods.
The Royal Mail contract, under which night mail flights are undertaken every
weekday from six UK airports, continues to be serviced well, with industry
leading punctuality, to enable the Royal Mail to meet its service obligations.
Total charter revenues reduced by 27% in the year reflecting a weaker market for
passenger charter business, after a very strong year in 2008/9, although the
business continues to enjoy a strong reputation with its customers, exemplified
by being voted Passenger Airline of the Year by the Baltic Air Charter
Association.
In 2007, the business launched Jet2holidays.com as another route to market for
the distribution of airline seats. This element of the Aviation division has
grown significantly and delivered over 64,000 holidays, all on Jet2.com flights
in the year. Holidays are packaged dynamically by linking flights with
accommodation and a range of airport transfer options. In order to improve the
product range, pricing and the quality of the offering to our customers,
increasingly accommodation is being contracted directly rather than via bed bank
operators. The Jet2holidays.com website is constantly being enhanced to improve
the quality of both the customer and the trade booking experience. The call
centre, direct web bookings and bookings through online and offline trade sites
are all important elements of the distribution mix.
The Group added an additional, leased, Boeing 737 aircraft to the fleet in June
2009 to enable the expansion of Manchester based operations, and provide
additional charter availability. In January 2010, the purchase of an additional
757 aircraft was completed. This aircraft will predominantly be used for
scheduled flying on Eastern Mediterranean routes from the new East Midlands
base. Two additional 737 aircraft have also been acquired on a lease basis to
support the Summer 2010 flying programme from Manchester, with a number of new
routes being added.
We continue to benefit from the long term agreement with Pratt & Whitney for the
fixed price maintenance of the CFM56-3 series engines, which power our Boeing
737-300 aircraft. Pratt & Whitney have also started to manufacture and supply a
range of parts for these engines at attractive pricing under their Global
Material Solutions Programme. The agreement with Pratt & Whitney delivers
increased engine efficiency, cost certainty and price reductions for the
business.
Jet2.com continued to improve fuel efficiency during the year, with a
multi-phase programme aimed at reducing both fuel burn and associated emissions.
The Company has a significant checklist of actions, which include efficient
aircraft loading, route optimisation, and lower aircraft flying speeds, made
possible by the introduction of a newly implemented flight planning system,
supplemented by on-going engineering activity. Two further Boeing 757 aircraft
were fitted with fuel efficient winglets this winter.
Jet2.com'sfinancial performance was impacted by weaker demand for both scheduled
flying and passenger charter operations, coupled with further investment in
Jet2holidays.com. Total Aviation revenues fell by 5%, despite the growth in
holiday sales, without which year on year revenues would have been 7% down.
Cost growth was contained to less than 2%, despite the impact of the weakness of
sterling.
Distribution
The Group's Distribution business, Fowler Welch-Coolchain, is one of the UK's
leading logistics providers serving UK retailers, importers and manufacturers.
Focusing on food and drink, the business operates from twelve strategically
located distribution centres and offers a range of logistics solutions including
storage, case pick-to-order and national distribution of both
temperature-controlled and ambient products.
The entire share capital of Bawdsey Haulage Limited, a container logistics
business based in Felixstowe, was acquired in September 2009 for a relatively
small sum. This acquisition has enabled growth with existing customers and also
new clients. We now offer port-based distribution services from Southampton,
Tilbury, Thamesport, Sheerness, Teesport and Liverpool, in addition to our
comprehensive services from Britain's premier port of Felixstowe. This
acquisition positions the business as an end-to-end logistics service provider
of temperature-controlled, ambient and break bulk/full load container services.
In May 2010, the business completed the purchase of a 500,000 sq. ft. freehold
distribution centre on 22 acres of land in Heywood, Greater Manchester. The
acquisition of these premises, which are know as 'The Hub', increases our
stockholding capacity within our ambient business from circa 17,000 to 50,000
pallets with further space available to be temperature-controlled, thus
providing a chilled distribution facility in the North West for existing and new
clients.
The Company has built its reputation around a flexible service offering that
meets the strict time-sensitive and multi-temperature supply chain requirements
of UK retailers. On a daily basis, the Company collects local suppliers'
products, which are then consolidated with product picked from stock holding in
the Company's strategically based warehouses before delivery. This activity has
increased in the year to approximately 1.5 million cases of various fast moving
consumer goods handled on a weekly basis.
Distribution revenue increased by 9% in the year, with growth experienced across
the network as a whole, through a combination of continued organic growth,
substantial new business wins and the Bawdsey Haulage acquisition.
The increase in volumes near Manchester required an investment in operational
capacity, with the addition of a short term satellite site for the ambient
business to cover seasonal volume peaks, and extra space being secured for our
Portsmouth operations in May 2009 to facilitate a new business win. Fleet size
also increased during the year following the Bawdsey Haulage acquisition and the
start of distribution operations in the Midlands for Mars, in addition to an
overall expansion of our own fleet as a result of increased business and service
level requirements.
The actions taken in the previous financial year to improve operating
efficiency, supplemented by further optimisation of the national network and
continued focus on reduction in empty mileage, enabled Fowler Welch-Coolchain to
improve its profit margin significantly from 3.6% to 6.0%. This improved
performance was achieved despite the business driven capacity increases and the
effects of the exceptionally severe winter on fuel efficiency.
Within the year, the Company completed the implementation of Manhattan, a
globally recognised warehouse management system into its chilled warehousing
operations. This generated operational efficiencies through labour savings and
allows real-time online visibility of stock levels and management information.
The system will be implemented into the ambient operation at 'The Hub' during
the first half of the current financial year.
Over the last year, the Distribution business continued to make progress in
reducing the environmental impact of its operations and thereby further reduced
its carbon footprint. By maximising our network, further reduction in empty
mileage and enhanced trailer fill, the net carbon impact per unit of product
delivered reduced. A key driver in this improvement was the introduction of a
further 15 double deck trailers during the year. Whilst this has a detrimental
impact on fuel efficiency, the overall carbon impact is reduced by virtue of the
50% increase in trailer fill which this equipment delivers. An enhanced
telematics system was deployed during the year and when fully operational will
deliver enhanced vehicle operating visibility and will enable a further
reduction in empty running to be achieved.
Ongoing driver training continues across all sites, encompassing regular
defensive driver assessments that in turn deliver fuel efficiency improvements.
Our fleet replacement programme for both tractor and trailer units continues to
evaluate the marketplace to ensure the optimum fuel efficient equipment is
procured, further improving the business' carbon footprint.
Given the global economic climate experienced over the last 12 months, and the
ongoing challenges facing the distribution industry as a whole, the food and
drink sector has again proved resilient in this downturn.
Fowler Welch-Coolchain remains well positioned in its marketplace to exploit
further opportunities as a result of ongoing consolidation within its sector.
The additional warehousing capacity secured and the Company's growing reputation
as a quality, low cost end-to-end service provider, offering national as well as
regional solutions, will enable the business to continue to grow organically
through existing and new customer relationships.
For further information contact:
+-------------------------------------+---------+---------------+
| Dart Group PLC | Tel: | 0113 238 7444 |
+-------------------------------------+---------+---------------+
| | | |
| Philip Meeson | | |
| Group Chairman and Chief Executive | Mobile: | 07785 258666 |
| | | |
+-------------------------------------+---------+---------------+
| | | |
| Andrew Merrick | | |
| Group Finance Director | Mobile: | 07788 565358 |
| | | |
+-------------------------------------+---------+---------------+
| | | |
| Andy Pedrette | | |
| Smith & Williamson Corporate | Tel: | 020 7131 4000 |
| Finance Limited | | |
+-------------------------------------+---------+---------------+
For further media enquiries: Contact the Press Office on 0113 243 1355
or email pressoffice@jet2.com
Consolidated Group Income Statement
for the year ended 31 March 2010
+-------------------+-----------+-----------+---------+-----------+-----------+--------+----------+
| | Unaudited | Audited | |
| | Year ended 31 March | Year ended 31 March 2009 | |
| | 2010 | | |
+-------------------+---------------------------------+--------------------------------+----------+
| | Results | | | Results | | |
| | before | Specific | | before | Specific | |
| | specific | fair |Results | specific | fair | Results for the |
| | IAS 39 | value |for the | IAS 39 | value | year |
| | fair |movements | year | fair |movements | |
| | value | (1) | | value | (1) | |
| |movements | | |movements | | |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Revenue | 434.5 | - | 434.5 | 439.3 | - | 439.3 |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Net operating | (415.1) | 3.1 | (412.0) | (404.1) | 4.7 | (399.4) |
| expenses | | | | | | |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Operating profit | 19.4 | 3.1 | 22.5 | 35.2 | 4.7 | 39.9 |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Finance income | 1.9 | - | 1.9 | 0.9 | - | 0.9 |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Finance costs | (2.4) | - | (2.4) | (7.3) | - | (7.3) |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Net financing | (0.5) | - | (0.5) | (6.4) | - | (6.4) |
| costs | | | | | | |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Profit on | 0.2 | - | 0.2 | - | - | - |
| disposal of | | | | | | |
| property, plant | | | | | | |
| and equipment | | | | | | |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Profit before | 19.1 | 3.1 | 22.2 | 28.8 | 4.7 | 33.5 | |
| taxation | | | | | | | |
+-------------------+-----------+-----------+---------+-----------+-----------+--------+----------+
| Taxation | (5.6) | (1.0) | (6.6) | (5.1) | (1.3) | (6.4) |
+-------------------+-----------+-----------+---------+-----------+-----------+-------------------+
| Profit for the | | | | | | |
| year (all | 13.5 | 2.1 | 15.6 | 23.7 | 3.4 | 27.1 |
| attributable to | | | | | | |
| equity | | | | | | |
| shareholders of | | | | | | |
| the parent) | | | | | | |
+-------------------+-----------+-----------+---------+-----------+-----------+--------+----------+
Earnings per share (2)
+------------------+--------+--------+--------+---------------+-------+--------+
| - basic | 9.54p | | 11.06p | 16.87p | | 19.27p |
+------------------+--------+--------+--------+---------------+-------+--------+
| - diluted | 9.17p | | 10.62p | 16.46p | | 18.80p |
+------------------+--------+--------+--------+---------------+-------+--------+
Notes
(1) In order to assist the reader to understand the underlying business
performance, the Group discloses separately within the income statement specific
IAS 39 fair value movements.
(2) Earnings per share is calculated in accordance with IAS 33, 'Earnings per
Share'.
Consolidated Group Statement of Comprehensive Income
for the year ended 31 March 2010
+---------------------------------------------+------------+----------+
| | Year ended | Year |
| | 31 March | ended |
| | 2010 | 31 March |
| | | 2009 |
+---------------------------------------------+------------+----------+
| | Unaudited | Audited |
| | GBPm | GBPm |
+---------------------------------------------+------------+----------+
| | | |
+---------------------------------------------+------------+----------+
| Profit for the period | 15.6 | 27.1 |
+---------------------------------------------+------------+----------+
| | | |
+---------------------------------------------+------------+----------+
| Exchange differences on translating foreign | - | (0.2) |
| operations | | |
+---------------------------------------------+------------+----------+
| Movement in cashflow hedge reserve | 10.7 | (11.8) |
+---------------------------------------------+------------+----------+
| Taxation on components of other | (3.0) | 3.7 |
| comprehensive income | | |
+---------------------------------------------+------------+----------+
| Other comprehensive income & expense for | 7.7 | (8.3) |
| the period, net of taxation | | |
+---------------------------------------------+------------+----------+
| | | |
+---------------------------------------------+------------+----------+
| Total comprehensive income for the period | 23.3 | 18.8 |
| all attributable to owners of the parent | | |
+---------------------------------------------+------------+----------+
Consolidated Group Balance Sheet
at 31 March 2010
+---------------------------------------------+------------+----------+
| | Unaudited | Audited |
| | 2010 | 2009 |
+---------------------------------------------+------------+----------+
| | GBPm | GBPm |
+---------------------------------------------+------------+----------+
| Non-current assets | | |
+---------------------------------------------+------------+----------+
| Goodwill | 7.0 | 6.8 |
+---------------------------------------------+------------+----------+
| Property, plant and equipment | 191.4 | 190.5 |
+---------------------------------------------+------------+----------+
| Derivative financial instruments | 2.9 | 2.4 |
+---------------------------------------------+------------+----------+
| Deferred Tax Assets | - | - |
+---------------------------------------------+------------+----------+
| | 201.3 | 199.7 |
+---------------------------------------------+------------+----------+
| Current assets | | |
+---------------------------------------------+------------+----------+
| Inventories | 0.3 | 0.4 |
+---------------------------------------------+------------+----------+
| Trade and other receivables | 66.8 | 45.1 |
+---------------------------------------------+------------+----------+
| Derivative financial instruments | 18.8 | 32.7 |
+---------------------------------------------+------------+----------+
| Cash and cash equivalents | 52.2 | 11.8 |
+---------------------------------------------+------------+----------+
| | 138.1 | 90.0 |
+---------------------------------------------+------------+----------+
| | | |
| Total assets | 339.4 | 289.7 |
+---------------------------------------------+------------+----------+
| Current liabilities | | |
+---------------------------------------------+------------+----------+
| Trade and other payables | 181.9 | 139.9 |
+---------------------------------------------+------------+----------+
| Borrowings | 0.3 | - |
+---------------------------------------------+------------+----------+
| Derivative financial instruments | 9.4 | 30.8 |
+---------------------------------------------+------------+----------+
| | 191.6 | 170.7 |
+---------------------------------------------+------------+----------+
| Non-current liabilities | | |
+---------------------------------------------+------------+----------+
| Other non current liabilities | 6.6 | 6.4 |
+---------------------------------------------+------------+----------+
| Borrowings | 0.3 | - |
+---------------------------------------------+------------+----------+
| Derivative financial instruments | 0.3 | 0.2 |
+---------------------------------------------+------------+----------+
| Deferred tax liabilities | 25.1 | 19.0 |
+---------------------------------------------+------------+----------+
| | 32.3 | 25.6 |
+---------------------------------------------+------------+----------+
| Total liabilities | 223.9 | 196.3 |
+---------------------------------------------+------------+----------+
| Net assets | 115.5 | 93.4 |
+---------------------------------------------+------------+----------+
| Shareholders' equity | | |
+---------------------------------------------+------------+----------+
| Share capital | 1.8 | 1.8 |
+---------------------------------------------+------------+----------+
| Share premium | 9.3 | 9.3 |
+---------------------------------------------+------------+----------+
| Cash flow hedging reserve | 9.6 | 1.9 |
+---------------------------------------------+------------+----------+
| Retained earnings | 94.8 | 80.4 |
+---------------------------------------------+------------+----------+
| Total Shareholders' equity | 115.5 | 93.4 |
+---------------------------------------------+------------+----------+
for the year ended 31 March 2010
+---------------------------------------------+------------+----------+
| | Unaudited | Audited |
| | 2010 | 2009 |
+---------------------------------------------+------------+----------+
| | GBPm | GBPm |
+---------------------------------------------+------------+----------+
| | | |
+---------------------------------------------+------------+----------+
| Cash flows from operating activities | | |
+---------------------------------------------+------------+----------+
| Profit for the year before taxation | 22.2 | 33.5 |
+---------------------------------------------+------------+----------+
| | | |
+---------------------------------------------+------------+----------+
| Adjustments for: | | |
+---------------------------------------------+------------+----------+
| Finance income | (1.9) | (0.9) |
+---------------------------------------------+------------+----------+
| Finance costs | 2.4 | 7.3 |
+---------------------------------------------+------------+----------+
| Profit on disposal of property, plant and | (0.2) | - |
| equipment | | |
+---------------------------------------------+------------+----------+
| Depreciation | 33.0 | 30.7 |
+---------------------------------------------+------------+----------+
| Equity settled share based payments | 0.3 | 0.2 |
+---------------------------------------------+------------+----------+
| Net financial derivative close out costs | 6.0 | - |
+---------------------------------------------+------------+----------+
| Specific fair value adjustments | (2.8) | (4.7) |
+---------------------------------------------+------------+----------+
| Operating cash flows before movements in | 59.0 | 66.1 |
| working capital | | |
+---------------------------------------------+------------+----------+
| Decrease / (increase) in inventories | 0.1 | (0.1) |
+---------------------------------------------+------------+----------+
| Increase in trade and other receivables | (21.9) | (5.3) |
+---------------------------------------------+------------+----------+
| Increase in trade and other payables | 40.0 | 7.3 |
+---------------------------------------------+------------+----------+
| Financial derivative close out costs | - | (6.5) |
+---------------------------------------------+------------+----------+
| Cash generated from operations | 77.3 | 61.5 |
+---------------------------------------------+------------+----------+
| Interest received | - | 0.1 |
+---------------------------------------------+------------+----------+
| Interest paid | (2.4) | (2.8) |
+---------------------------------------------+------------+----------+
| Income taxes paid | (1.7) | (0.4) |
+---------------------------------------------+------------+----------+
| Net cash from operating activities | 73.2 | 58.4 |
+---------------------------------------------+------------+----------+
| Cash flows from investing activities | | |
+---------------------------------------------+------------+----------+
| Purchase of property, plant and equipment | (32.1) | (27.9) |
+---------------------------------------------+------------+----------+
| Proceeds from sale of property, plant and | 0.3 | 0.1 |
| equipment | | |
+---------------------------------------------+------------+----------+
| Business acquisitions (net of cash and | (0.5) | - |
| overdrafts) | | |
+---------------------------------------------+------------+----------+
| Net cash used in investing activities | (32.3) | (27.8) |
+---------------------------------------------+------------+----------+
| Cash flows from financing activities | | |
+---------------------------------------------+------------+----------+
| Repayment of borrowings | (0.4) | (22.0) |
+---------------------------------------------+------------+----------+
| Transaction costs paid | - | (0.9) |
+---------------------------------------------+------------+----------+
| Equity dividends paid | (1.5) | - |
+---------------------------------------------+------------+----------+
| Net cash used in financing activities | (1.9) | (22.9) |
+---------------------------------------------+------------+----------+
| Effect of foreign exchange rate changes | 1.4 | 0.1 |
+---------------------------------------------+------------+----------+
| Net increase in cash in the year | 40.4 | 7.8 |
+---------------------------------------------+------------+----------+
| Cash and cash equivalents at beginning of | 11.8 | 4.0 |
| year | | |
+---------------------------------------------+------------+----------+
| Cash and cash equivalents at end of year | 52.2 | 11.8 |
+---------------------------------------------+------------+----------+
for the year ended 31 March 2010
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| | | Share | | Share | | Cash Flow | | Retained | | Other | | Total |
| | | Capital | | Premium | | Hedging | | Earnings | | Reserves | | Reserves |
| | | | | | | Reserve | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| | | GBPm | | GBPm | | GBPm | | GBPm | | GBPm | | GBPm |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Balance at 1 April 2008 | | 1.8 | | 9.3 | | 10.0 | | 53.1 | | 0.2 | | 74.4 |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Total comprehensive | | - | | - | | (8.1) | | 27.1 | | (0.2) | | 18.8 |
| income for the period | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Share based payments | | - | | - | | - | | 0.2 | | - | | 0.2 |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Balance at 31 March 2009 | | 1.8 | | 9.3 | | 1.9 | | 80.4 | | - | | 93.4 |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Total comprehensive | | - | | - | | 7.7 | | 15.6 | | - | | 23.3 |
| income for the period | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Share based payments | | - | | - | | - | | 0.3 | | - | | 0.3 |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Dividends paid in the | | - | | - | | - | | (1.5) | | - | | (1.5) |
| year | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| | | | | | | | | | | | | |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
| Balance at 31 March 2010 | | 1.8 | | 9.3 | | 9.6 | | 94.8 | | - | | 115.5 |
+--------------------------+--+----------+----------+---------+----------+-----------+----------+----------+----------+----------+----------+----------+
NOTES TO THE GROUP FINANCIAL STATEMENTS
1. General information
The Group's Financial Statements consolidate the Financial Statements of Dart
Group PLC and its subsidiaries. The Group's Financial Statements have been
prepared and approved by the Directors in accordance with International
Financial Reporting Standards ('IFRSs') as adopted by the European Union
('Adopted IFRSs').
2. Basis of preparation
The financial statements have been prepared under the historical cost convention
except for all derivative financial instruments that have been measured at fair
value and disposal groups held for sale that have been measured at the lower of
fair value less costs to sell and their carrying amounts prior to the decision
to treat them as held for sale.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with IFRS as adopted by the European Union, this
announcement does not itself contain sufficient information to comply with IFRS.
The Company expects to publish full financial statements in July 2010.
In order to allow a better understanding of the financial information presented,
and specifically the Group's underlying business performance, the Group presents
its income statement in three columns such that it identifies: (i) results
excluding specific IAS 39 fair value movements; (ii) the effect of specific IAS
39 fair value movements; and (iii) results for the year. For the purpose of
clarity, in the explanation of the basis of preparation applied in these
consolidated financial statements, we describe these columns as the 'left hand
column', the 'middle column' and the 'right hand column' respectively.
The Group uses forward foreign currency contracts, currency option products and
aviation fuel swaps to hedge exposure to foreign exchange rates and aviation
fuel price volatility. Such derivative financial instruments are stated at fair
value.
Ineffectiveness in qualifying cash flow hedges under IAS 39 can arise as a
result of the difference between the contractual profile of a hedge and the
profile of transactions defined as the hedged item. IAS 39 requires
ineffectiveness in qualifying cash flow hedges to be recorded in the income
statement, and therefore the Group records this ineffectiveness in the left hand
column when it relates to a cash flow hedge.
IFRS compliant hedge documentation was not in place prior to 1 April 2007.
Movements in the fair value of derivatives in existence at this time, along with
subsequent fair value movements on these cash flow hedges that would have
qualified for hedge accounting had the documentation requirement been met, are
separately presented in the middle column to assist the readers understanding of
underlying business performance and to provide a more meaningful presentation.
For the avoidance of doubt, references to underlying performance refer to the
left hand column.
The right hand column presents the results for the year showing all gains and
losses recorded in the Consolidated Group Income Statement.
The financial information in this announcement is presented in pounds sterling
and all values are rounded to the nearest GBP100,000, except where indicated
otherwise.
The accounting policies adopted are consistent with those described in the
Annual Report and Accounts for the year ended 31 March 2009.
Going concern
The Directors have prepared financial forecasts for the Group, comprising
operating profit, balance sheet and cash flows to 31 March 2013.
For the purposes of their assessment of the appropriateness of the preparation
of the Group's accounts on a going concern basis, the Directors have considered
the current cash position, the availability of bank facilities and forecasts of
future trading. The Directors have assessed the underlying assumptions and
principal areas of uncertainty within these forecasts, in particular those
related to market and customer risks, cost management, working capital
management and treasury risks. A number of these are subject to market
uncertainty and impact financial covenants. Recognising the potential
uncertainty, the Directors have considered a range of actions available to
mitigate the impact of these potential risks should they crystallise and have
also reviewed the key strategies which underpin the forecast and the Group's
ability to implement them successfully.
On the basis of the current liquidity position, the forecasts and these
considerations, the Directors have assessed future covenant compliance and
headroom for the foreseeable future and concluded that it is appropriate for the
financial statements for the year ended 31 March 2010 to be prepared on a going
concern basis.
3. Earnings per share
Earnings per share is presented both before specific IAS 39 fair value movements
and after specific IAS 39 fair value movements in order to allow a better
understanding of the financial information presented, and specifically the
Group's underlying business performance.
+----------------------------------------------------+-------------+-------------+
| | Unaudited | Audited |
| | 2010 | 2009 |
+----------------------------------------------------+-------------+-------------+
| | No. | No. |
+----------------------------------------------------+-------------+-------------+
| Basic weighted average number of shares in issue | 141,117,098 | 141,065,694 |
+----------------------------------------------------+-------------+-------------+
| Dilutive potential ordinary shares: | | |
+----------------------------------------------------+-------------+-------------+
| Employee share options | 5,739,785 | 3,524,964 |
+----------------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------------+-------------+-------------+
| Diluted weighted average number of shares in issue | 146,856,883 | 144,590,658 |
+----------------------------------------------------+-------------+-------------+
+----------------------------------------------------+-----------+---------+
| Basis of calculation - earnings (basic and | Unaudited | Audited |
| diluted) | 2010 | 2009 |
+----------------------------------------------------+-----------+---------+
| | GBPm | GBPm |
+----------------------------------------------------+-----------+---------+
| Profit before specific IAS 39 fair value movements | 13.5 | 23.7 |
+----------------------------------------------------+-----------+---------+
| Specific IAS 39 fair value movements | 2.1 | 3.4 |
+----------------------------------------------------+-----------+---------+
| | | |
+----------------------------------------------------+-----------+---------+
| Profit after specific IAS 39 fair value movements | 15.6 | 27.1 |
| for the purposes of calculating basic and diluted | | |
| earnings | | |
+----------------------------------------------------+-----------+---------+
+-----------------+----------+------------+-----------+----------+------------+-----------+
| | | Year to 31 March 2010 | | Year to 31 March 2009 |
+-----------------+----------+------------------------+----------+------------------------+
| | | Before | After | | Before | After |
| | | specific | specific | | specific | specific |
| | | IAS 39 | IAS 39 | | IAS 39 | IAS 39 |
| | | fair value | fair | | fair value | fair |
| | | movements | value | | movements | value |
| | | | movements | | | movements |
+-----------------+----------+------------+-----------+----------+------------+-----------+
| | | Unaudited | Unaudited | | Audited | Audited |
+-----------------+----------+------------+-----------+----------+------------+-----------+
| Earnings per share - Total | | | | |
+-----------------------------------------+-----------+----------+------------+-----------+
| - basic | | 9.54p | 11.06p | | 16.87p | 19.27p |
+-----------------+----------+------------+-----------+----------+------------+-----------+
| - diluted | | 9.17p | 10.62p | | 16.46p | 18.80p |
+-----------------+----------+------------+-----------+----------+------------+-----------+
4. Segmental Reporting
Business segments
Segment reporting is presented in respect of the Group's business segments which
are also the primary reportable segments, as the Group's risk and rates of
return are affected predominantly by the different services provided.
+----------------------------+--------------+----------+--------------+-----------+
| Unaudited | Distribution | Aviation | Un-allocated | Total |
| Year ended 31 March 2010 | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| | GBPm | GBPm | GBPm | GBPm |
+----------------------------+--------------+----------+--------------+-----------+
| Revenue | 122.5 | 312.0 | - | 434.5 |
+----------------------------+--------------+----------+--------------+-----------+
| Operating profit before | 7.4 | 12.0 | - | 19.4 |
| specific fair value | | | | |
| movements | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Specific fair value | - | 3.1 | - | 3.1 |
| movements | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Operating profit after | 7.4 | 15.1 | - | 22.5 |
| specific fair value | | | | |
| movements | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Profit on disposal of | - | 0.2 | - | 0.2 |
| property, plant and | | | | |
| equipment | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Finance income | - | 0.5 | 1.4 | 1.9 |
+----------------------------+--------------+----------+--------------+-----------+
| Finance costs | - | - | (2.4) | (2.4) |
+----------------------------+--------------+----------+--------------+-----------+
| Profit/(loss) before | 7.4 | 15.8 | (1.0) | 22.2 |
| taxation | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Taxation | - | - | (6.6) | (6.6) |
+----------------------------+--------------+----------+--------------+-----------+
| Profit/(loss) for the year | 7.4 | 15.8 | (7.6) | 15.6 |
| after taxation | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| | | | |
+----------------------------+--------------+----------+--------------+-----------+
+----------------------------+--------------+----------+--------------+-----------+
| Audited | Distribution | Aviation | Un-allocated | Total |
| Year ended 31 March 2009 | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| | GBPm | GBPm | GBPm | GBPm |
+----------------------------+--------------+----------+--------------+-----------+
| | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Revenue | 112.9 | 326.4 | - | 439.3 |
+----------------------------+--------------+----------+--------------+-----------+
| Operating profit before | 4.1 | 31.1 | - | 35.2 |
| specific fair value | | | | |
| movements | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Specific fair value | - | 4.7 | - | 4.7 |
| movements | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Operating profit after | 4.1 | 35.8 | - | 39.9 |
| fair value movements | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Profit on disposal of | - | - | - | - |
| property, plant and | | | | |
| equipment | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Finance income | - | 0.8 | 0.1 | 0.9 |
+----------------------------+--------------+----------+--------------+-----------+
| Finance costs | - | (2.8) | (4.5) | (7.3) |
+----------------------------+--------------+----------+--------------+-----------+
| Profit/(loss) before | 4.1 | 33.8 | (4.4) | 33.5 |
| taxation | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| Taxation | - | - | (6.4) | (6.4) |
+----------------------------+--------------+----------+--------------+-----------+
| Profit/(loss) for the year | 4.1 | 33.8 | (10.8) | 27.1 |
| after taxation | | | | |
+----------------------------+--------------+----------+--------------+-----------+
| | | | |
+----------------------------+--------------+----------+--------------+-----------+
5. Post Balance Sheet Events
Subsequent to the year-end, the Group's Aviation operations were impacted by the
disruption to its flying programme caused by volcano Eyjafjallajoekull, which
resulted in the cancellation of over 400 flights. The Group continues to process
subsistence claims from its passengers who were unfortunately unable to return
home as scheduled due to this situation, which was totally outside the airline's
control. The overall impact on profit as a result of this disruption, including
the costs of repatriating customers via a fleet of coaches, is estimated at
GBP3m.
6. The financial information set out above does not constitute the Company's
consolidated statutory accounts for the periods ended 31 March 2010 or 31 March
2009. Statutory accounts for the period ended 31 March 2009 have been delivered
to the Registrar of Companies, and those for the period ended 31 March 2010 will
be delivered following the Company's Annual General Meeting. The auditors, KPMG
Audit Plc, have reported on those accounts; their reports were unqualified and
did not contain statements under section 498(2) or (3) of the Companies Act 2006
or equivalent preceding legislation. The statutory accounts for 2010 will be
finalised on the basis of the financial information presented by the directors
in this preliminary announcement and will be delivered to the registrar of
companies in due course.
7. The 2010 Annual Report and Accounts (together with the Auditor's Report)
will be posted to shareholders no later than 5 August 2010. The Annual General
Meeting will be held on 2 September 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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