11th Oct 2019 07:43
(Alliance News) - Jet2-owner Dart Group PLC is to beat the market's annual profit expectations, it said on Friday, in part due to the demise of peer Thomas Cook Group PLC.
Debt-ridden Thomas Cook folded in September after failing to secure an extra GBP200 million needed to keep it afloat.
Dart has since received increased demand, it said, and it will continue to assess this over the coming months, it added.
The company's Leisure Travel unit has continued to receive "encouraging" levels of later season bookings, and demand for both flights and package holidays are "continuing to strengthen".
"Given the strengthening booking trend, the board now believes current market expectations for group profit before foreign exchange revaluations and taxation for the year ending March 2020 will be exceeded. The board will provide a further update on publication of its interim results on November 21," said Dart.
"Looking further ahead, our comments from the annual general meeting remain, given the cost pressures the travel industry is facing in general, which will intensify given the weakness in sterling, plus the deepening Brexit uncertainty and the impact this may have on consumer confidence, we remain very cautious in our outlook," Dart added.
By George Collard; [email protected]
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