13th Apr 2006 14:30
Dart Group PLC13 April 2006 Dart Group PLC ("the Group") Pre-close Trading Update Dart Group PLC, the aviation and distribution group, issues the followingtrading update relating to the second half of its financial year ended 31 March2006, ahead of the Group's preliminary results announcement scheduled for 15June 2006. Trading Before Exceptional Items Second half trading has been encouraging in both Aviation Services andDistribution. Accordingly, the Group remains comfortable with current marketexpectations for its year ended 31 March 2006. In the second half, furtherinvestment in the aircraft fleet was made with the acquisition of a Boeing 737Quick Change aircraft and a Boeing 757 passenger aircraft. Exceptional Items The Group will be recording a number of exceptional items this year, which inaggregate are expected to amount to a credit of approximately £0.7m. Firstly, on 31 August 2005, the Group disposed of 100% of its shareholding inBenair Freight International and Benair Freight Pte resulting in a profit of£3.7m. Secondly, in order to support the growth of Jet2.com in the North of England, adecision has been taken to relocate key aviation operational departments fromBournemouth to Leeds Bradford Airport. The Group has also withdrawn from theAirbus A300 cargo business, which has involved a number of redundancies andwithdrawal from service of the A300 fleet. One of the two owned Airbus A300aircraft has been sold and the second is being marketed along with the Group'sstock of spares. It is anticipated that disposal proceeds will cover book value.These reorganisations will give rise to an exceptional charge in the order of£3.0m which will be provided for in the 2006 year end accounts. 13 April 2006 For further information contact: Philip Meeson 01202 597680 07785 258666 Mike Forder 01202 597680 07721 865850 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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