REG - Dart Group PLC - Interim Results <Origin Href="QuoteRef">DTG.L</Origin>
RNS Number : 6277WDart Group PLC16 November 2017DART 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 2017. These results are presented under International Financial Reporting Standards ("IFRS").
Group financial highlights
Half year ended
30 September
2017
(Unaudited)
Half year ended
30 September
2016
(Unaudited)
Change
Revenue
1,663.9m
1,240.8m
34%
Operating profit
204.9m
167.5m
22%
Operating profit margin
12.3%
13.5%
(1.2ppts)
Profit before FX revaluation & tax
198.2m
168.3m
18%
Profit before FX revaluation & tax margin
11.9%
13.6%
(1.7ppts)
Profit before tax
212.5m
163.7m
30%
Profit before tax margin
12.8%
13.2%
(0.4ppts)
Basic earnings per share
117.44p
90.65p
30%
Interim dividend per share
1.5p
1.375p
9%
*In what has proven to be a strong summer season in terms of passenger volume growth for both Jet2holidays andJet2.com, though a challenging season in terms of pricing, Group operating profit increased by 22% to 204.9m (2016: 167.5m) and Group profit before foreign exchange revaluation and tax by 18% to 198.2m (2016: 168.3m).
* Leisure Travel revenue growth of 36% to 1,580.9m (2016: 1,160.8m) reflects a 41% increase in passenger sectors flown by Jet2.com to 7.14m (2016: 5.07m), which included a 41% increase in the number of Jet2holidays package holiday customers to 1.81m (2016: 1.28m), representing 51% of overall flown customers (2016: 50%).
* Airline ticket yield per passenger sector at 75.95 (2016: 91.88) was 17% lower than that achieved last year, against the backdrop of a 41% increase in seat capacity.
* Overall load factor remained in line with last year at 93.2% and included the first season of operation from our two new bases at London Stansted and Birmingham airports.
* It is particularly pleasing to report that the new bases are already proving popular, with 57% of the total year-on-year passenger sector growth of 2.07m resulting from them. Encouragingly, close to 50% of those passengers have chosen Real Package Holidays with Jet2holidays.
* Since the half year end, we have seen a further strengthening of customer demand, particularly for our flight-only product. This has resulted in future Leisure Travel bookings for this financial year performing ahead of expectations. As a result, the Board is optimistic that market expectations of Group profit before foreign exchange revaluation and tax for the year ending 31 March 2018 will be materially exceeded.
* Looking further ahead, whether this strength in demand will remain in the medium term is unclear and will depend on the evolving competitive environment. Pleasingly, we have been encouraged by the performance of our two new operating bases and are committing additional aircraft to continue our growth at these and at our other bases for summer 2018. However, we are seeing the emergence of certain cost pressures as we continue to invest in our airport operations, colleagues and other related areas. Nevertheless, and despite the current uncertainty around the ''Brexit '' negotiations, we remain confident in the resilience of our Leisure Travel business, supported by our recent elevation to the UK's second largest Package Holiday Operator.
Chairman's Statement
I am pleased to report on the Group's trading performance for the half year ended 30 September 2017 in our two businesses, "Leisure Travel" - incorporating Jet2holidays, our ATOL protected package holidays operator and Jet2.com, our leading leisure airline - and "Distribution & Logistics", comprising Fowler Welch, one of the UK's leading logistics providers.
In what has proven to be a strong summer season in terms of passenger volume growth for both Jet2holidays andJet2.com, though a challenging season in terms of pricing, Group operating profit increased by 22% to 204.9m (2016: 167.5m) and Group profit before foreign exchange revaluation and tax by 18% to 198.2m (2016: 168.3m).
However, increased losses are to be expected in the second half of the year as we continue to invest in additional aircraft, advertising and people in readiness for further flying programme expansion at all our operating bases in the summer 2018 season.
The Group generated increased net cash flow from operating activities of 257.2m (2016: 226.5m), driven by Leisure Travel trading performance. Total capital expenditure of 90.4m (2016: 80.1m) included the purchase of new Boeing 737-800NG aircraft plus pre-delivery payments, which have been substantially financed,for further new aircraft deliveries. We also continued to invest in the long-term maintenance of our existing aircraft fleet and funded the set-up of aircraft self-handling operations at Manchester and East Midlands airports.
New loans were drawn down as the Group continued to secure commercial debt and on balance sheet lease funding for the purchase of its new aircraft. As a result, at the reporting date, the Group's cash and money market deposit balances had increased by 242.1m (2016: 183.1m) to 931.1m (2016: 595.1m), which included advance payments from Leisure Travel customers of 345.8m (2016: 243.0m) in respect of their future holidays and flights. Net cash, stated after borrowings of 574.2m (2016: 129.4m), was 356.9m (2016: 465.7m).
Basic earnings per share increased to 117.44p from 90.65p in 2016. In view of the outlook for the full year, the Board has decided to pay an increased interim dividend of 1.5p per share (2016: 1.375p). The dividend will be paid on 5 February 2018 to shareholders on the register at 29 December 2017.
Leisure Travel
We take people on holiday! Our leading UK Leisure Travel business specialises in scheduled holiday flights by our award-winning leisure airline, Jet2.com, to destinations in the Mediterranean, the Canary Islands and to European Leisure Cities and the provision of ATOL licensed package holidays by our tour operator Jet2holidays.
Passenger volumes for summer 2017 have been strong, as Jet2.com flew a total of 7.14m passengers (2016: 5.07m), an increase of 41%. The overall load factor remained in line with last year at 93.2% and included the first season of operation from our two new operating bases at London Stansted and Birmingham airports.
Demand for our higher margin RealPackage Holidays continued to grow as Jet2holidays took 1.81m (2016: 1.28m) customers on holiday, an increase of 41%, representing 51% (FY17: 50%) of overall flown customers. A further 3.52m passengers enjoyed our important flight-only product (2016: 2.51m).
Airline ticket yield per passenger sector at 75.95 (2016: 91.88) was 17% lower than that achieved last year, against the backdrop of a 41% increase in seat capacity. Some price investment was also made to support demand at the two new operating bases. The average price of a Jet2holidays package holiday grew by 2% to 645.
It is particularly pleasing to report that the new bases are already proving popular, with 57% of the total year-on-year passenger growth of 2.07m resulting from them, and encouragingly, close to 50% of those passengers have chosen Real Package Holidays with Jet2holidays.
Non-Ticket Retail Revenue per passenger grew by 1% to 33.43 (2016: 33.16). This revenue stream, which is primarily discretionary in nature, continues to be optimised through our customer contact programme as we focus on Pre-departure Sales (principally hold bags and advanced seat assignment), In-flight Sales (pre-ordered meals, drinks, snacks, cosmetics and perfumes) and ancillary products (car hire and travel insurance).
Overall, Leisure Travel revenue grew by 36% to 1,580.9m (2016: 1,160.8m) at an operating profit margin of 13% (2016: 14%), resulting in operating profit growth of 23% to 202.5m (2016: 165.2m).
The fleet was expanded to 75 aircraft for summer 2017 (summer 2016: 64) with commensurate increases in pilots, engineers and cabin crew. Given the increased flying programme, we were pleased to be recognised as the Top UK Airline for Punctuality,for flights running on time over the last 12 months, by the World's leading travel intelligence company OAG. We will continue to develop our customer-focused flying programme into summer 2018.
KPIs
Half year ended
30 Sept 17
Half year ended
30 Sept 16
Half year end change
Year ended
31 Mar 17
Number of routes operated during the period
260
203
28%
235
Leisure Travel sector seats available (capacity)
7.66m
5.44m
41%
7.76m
Leisure Travel passenger sectors flown
7.14m
5.07m
41%
7.10m
Leisure Travel load factor
93.2%
93.2%
-
91.5%
Flight-only passenger sectors flown
3.52m
2.51m
40%
3.64m
Package holiday passenger sectors flown
3.62m
2.56m
41%
3.46m
Package holiday customers
1.81m
1.28m
41%
1.73m
Net ticket yield per passenger sector (excl. taxes)
75.95
91.88
(17%)
86.65
Average package holiday price
645
631
2%
617
Non-ticket revenue per passenger sector
33.43
33.16
1%
33.01
Advance sales made as at the reporting date
713.2m
518.6m
38%
1,078.0m
Distribution & Logistics
Our distribution business, Fowler Welch, is one of the UK's leading providers of food supply chain services, serving retailers, processors, growers and importers through its distribution network. A full range of added value services is provided, including the packing of fruits, storage and case-level picking, and an award winning national distribution network.
The business operates from nine 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.
Further regional distribution sites are located at Nuneaton near Coventry, Washington, Tyne and Wear and at Newton Abbott, Devon. Ambient (non-temperature-controlled) consolidation and distribution services are at Heywood near Bury, Greater Manchester and Desborough, Northamptonshire.
In the reporting period, the business benefited from the volumes of the Dairy Crest operation at Nuneaton, which commenced in June 2016, whilst the operations at Teynham and Heywood saw new volumes come on line.
Overall, Fowler Welch revenue grew by 4% to 83.0m (2016: 80.0m). Operating profit increased by 0.1m to 2.4m (2016: 2.3m), this result being impacted by reduced levels of contribution from ISS, our fruit ripening and packingjoint venture operation.
KPIs
Half year ended
30 Sept 17
Half year ended
30 Sept 16
Half year end change
Year ended
31 Mar 17
Warehouse space (square feet)
897,000
897,000
-
897,000
Number of tractor units in operation
499
440
13%
487
Number of trailer units in operation
731
662
10%
669
Miles per gallon
9.9
9.5
4%
9.3
Annual fleet mileage
23.9m
22.0m
9%
40.5m
Outlook
Leisure Travel customer volumes were strong during summer 2017 and since the half year end, we have seen a further strengthening of customer demand, particularly for our flight-only product. This has resulted in future Leisure Travel bookings for this financial year performing ahead of expectations. As a result, the Board is optimistic that market expectations of Group profit before foreign exchange revaluation and tax for the year ending 31 March 2018 will be materially exceeded.
Looking further ahead, whether this strength in demand will remain in the medium term is unclear and will depend on the evolving competitive environment. Pleasingly, we have been encouraged by the performance of our two new operating bases and are committing additional aircraft to continue our growth at these and at our other bases for summer 2018. However, we are seeing the emergence of certain cost pressures as we continue to invest in our airport operations, colleagues and other related areas. Nevertheless, and despite the current uncertainty around the ''Brexit '' negotiations, we remain confident in the resilience of our Leisure Travel business, supported by our recent elevation to the UK's second largest Package Holiday Operator.
Philip Meeson
Executive Chairman
16 November 2017
For further information, please contact:
Dart Group PLC
Philip Meeson, Executive Chairman
Tel:0113 239 7817
Gary Brown, Group Chief Financial Officer
Smith & Williamson Corporate Finance Limited
Nominated Adviser
David Jones / Katy Birkin
Tel:020 7131 4000
Canaccord Genuity - Joint Broker
Bruce Garrow / Ben Griffiths
Tel:020 7523 8000
Arden Partners - Joint Broker
Christopher Hardie
Tel:020 7614 5900
Buchanan - Financial PR
Richard Oldworth
Tel:020 7466 5000
Dart Group PLC
Consolidated Income Statement (Unaudited)
For the half year ended 30 September 2017
Note
Half year ended
30 September
2017
Unaudited
m
Half year ended
30 September
2016
Unaudited
m
Year
ended
31 March
2017
Audited
m
Revenue
4
1,663.9
1,240.8
1,729.3
Net operating expenses
(1,459.0)
(1,073.3)
(1,626.3)
Operating profit
4
204.9
167.5
103.0
Finance income
2.1
1.7
3.1
Finance costs
(8.8)
(0.9)
(5.1)
Net FX revaluation gains / (losses)
14.3
(4.6)
(10.9)
Net financing income / (costs)
7.6
(3.8)
(12.9)
Profit before tax
212.5
163.7
90.1
Tax
7
(38.3)
(29.4)
(13.4)
Profit for the period
174.2
134.3
76.7
(all attributable to equity holders of the parent)
Earnings per share
5
- basic
117.44p
90.65p
51.80p
- diluted
116.87p
90.18p
51.48p
Consolidated Statement of Comprehensive Income (Unaudited)
For the half year ended 30 September 2017
Half year ended
30 September
2017
Unaudited
m
Half year ended
30 September 2016
Unaudited
m
Year
ended
31 March
2017
Audited
m
Profit for the period
174.2
134.3
76.7
Other comprehensive (expense) / income
Cash flow hedges:
Fair value gains
21.8
107.5
36.5
Less (gains) / add back losses transferred to income statement
(59.9)
28.2
15.3
Related tax charge
7.2
(26.4)
(9.9)
(30.9)
109.3
41.9
Total comprehensive income for the period
(all attributable to equity holders of the parent company)
143.3
243.6
118.6
Dart Group PLC
Consolidated Statement of Financial Position (Unaudited)
As at 30 September 2017
30 September 2017
Unaudited
m
30 September 2016
Unaudited
m
31 March
2017
Audited
m
Non-current assets
Goodwill
6.8
6.8
6.8
Property, plant and equipment
827.4
449.2
806.5
Derivative financial instruments
3.7
17.4
9.3
837.9
473.4
822.6
Current assets
Inventories
1.7
1.4
1.2
Trade and other receivables
529.0
373.5
707.8
Derivative financial instruments
39.5
119.2
74.7
Money market deposits
445.2
135.2
200.3
Cash and cash equivalents
485.9
459.9
488.7
1,501.3
1,089.2
1,472.7
Total assets
2,339.2
1,562.6
2,295.3
Current liabilities
Trade and other payables
351.3
258.5
136.3
Deferred revenue
704.4
512.5
1,076.3
Borrowings
128.5
96.3
129.6
Provisions
45.4
32.5
38.8
Derivative financial instruments
11.4
4.4
15.9
1,241.0
904.2
1,396.9
Non-current liabilities
Other non-current liabilities
-
0.1
-
Deferred revenue
8.8
6.1
1.7
Borrowings
445.7
33.1
390.9
Derivative financial instruments
22.7
1.2
20.9
Deferred tax liabilities
46.1
55.5
53.5
523.3
96.0
467.0
Total liabilities
1,764.3
1,000.2
1,863.9
Net assets
574.9
562.4
431.4
Shareholders' equity
Share capital
1.8
1.8
1.8
Share premium
12.7
12.5
12.5
Cash flow hedging reserve
7.3
105.6
38.2
Retained earnings
553.1
442.5
378.9
Total shareholders' equity
574.9
562.4
431.4
Dart Group PLC
Consolidated Statement of Cash Flows (Unaudited)
For the half year ended 30 September 2017
Half year
ended
30 September 2017
Unaudited
m
Half year
ended
30 September
2016
Unaudited
m
Year
ended
31 March
2017
Audited
m
Profit on ordinary activities before tax
212.5
163.7
90.1
Finance income
(2.1)
(1.7)
(3.1)
Finance costs
8.8
0.9
5.1
Net FX revaluation (gains) / losses
(14.3)
4.6
10.9
Depreciation
60.8
50.7
87.0
Equity settled share-based payments
-
-
0.4
Operating cash flows before movements in working capital
265.7
218.2
190.4
Increase in inventories
(0.5)
(0.3)
(0.1)
Decrease / (increase) in trade and other receivables
177.9
130.4
(203.1)
Increase in trade and other payables
177.6
122.6
27.6
(Decrease) / increase in deferred revenue
(364.8)
(248.9)
310.5
Increase in provisions
7.5
9.2
13.0
Cash generated from operations
263.4
231.2
338.3
Interest received
2.1
1.7
3.1
Interest paid
(8.3)
(0.9)
(3.6)
Income taxes paid
-
(5.5)
(6.7)
Net cash from operating activities
257.2
226.5
331.1
Cash flows used in investing activities
Purchase of property, plant and equipment
(90.4)
(80.1)
(473.9)
Proceeds from sale of property, plant and equipment
-
-
-
Net increase in money market deposits
(244.9)
(65.2)
(130.3)
Net cash used in investing activities
(335.3)
(145.3)
(604.2)
Cash flows from financing activities
Repayment of borrowings
(34.0)
(6.9)
(91.2)
New loans advanced
109.0
41.2
515.6
Proceeds on issue of shares
0.2
0.1
0.1
Equity dividends paid
-
-
(6.6)
Net cash from financing activities
75.2
34.4
417.9
Effect of foreign exchange rate changes
0.1
2.3
1.9
Net (decrease) / increase in cash in the period
(2.8)
117.9
146.7
Cash and cash equivalents at beginning of period
488.7
342.0
342.0
Cash and cash equivalents at end of period
485.9
459.9
488.7
Dart Group PLC
Consolidated Statement of Changes in Equity
For the half year ended 30 September 2017
Share
capital
Share premium
Cash flow hedging reserve
Retained earnings
Total equity
m
m
m
m
m
Balance at 1 April 2016
(Audited)
1.8
12.4
(3.7)
308.2
318.7
Total comprehensive income
-
-
109.3
134.3
243.6
Share-based payments
-
-
-
-
-
Issue of share capital
-
0.1
-
-
0.1
Balance at 30 September 2016
(Unaudited)
1.8
12.5
105.6
442.5
562.4
Total comprehensive income
-
-
(67.4)
(57.6)
(125.0)
Dividends paid
-
-
-
(6.6)
(6.6)
Share-based payments
-
-
-
0.6
0.6
Issue of share capital
-
-
-
-
-
Balance at 31 March 2017
(Audited)
1.8
12.5
38.2
378.9
431.4
Total comprehensive income
-
-
(30.9)
174.2
143.3
Share-based payments
-
-
-
-
-
Issue of share capital
-
0.2
-
-
0.2
Balance at 30 September 2017 (Unaudited)
1.8
12.7
7.3
553.1
574.9
Dart Group PLC
Notes to the consolidated financial statements
For the half year ended 30 September 2017 (Unaudited)
1. General information
The Group's financial statements consolidate the financial statements of Dart Group PLC and its subsidiaries and have been prepared and approved by the Directors in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("Adopted IFRS").
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 2017 does not constitute statutory accounts as defined in s435 of the Companies Act 2006. The financial statements for the year ended 31 March 2017 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 2017 have been audited. The comparative figures for the half year ended 30 September 2016 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 100,000 except where indicated otherwise.
Derivative financial instruments and hedging
The Group uses forward foreign currency and interest rate contracts and monthly aviation fuel swaps to hedge exposure to foreign exchange rates, interest rates and aviation fuel price volatility. The Group also uses forward EU Allowance contracts and forward 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 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, profit before and after tax, balance sheets and cash flows through to 31 March 2020.
For the purpose of assessing 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, and sensitised forecasts of future trading through to 31 March 2020, 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 banking facilities and cash for the foreseeable future. Consequently, they continue to adopt the going concern basis in preparing the unaudited interim financial statements for the half year ended 30 September 2017.
3. New IFRS and amendments to IAS and interpretations
The IASB has issued the following standards and interpretations, which become effective after the date of these financial statements. The Group continues to evaluate the potential impact of their adoption, where applicable.
IFRS 15 'Revenue from Contracts with Customers'
IFRS 15 will combine and supersede existing revenue recognition guidance and standards, including IAS 18 Revenue. The Group continues to assess the possible impact of the new standard, which involves:
- an examination of key contract types in order to identify any distinct performance obligations in the context of the contractual arrangement;
- assessing the point at which the Group delivers promised services to its customers and whether this presents a requirement to change the timing of its revenue recognition; and
- understanding the specific new disclosure requirements prescribed.
The Group will adopt the new standard on 1 April 2018 and in so doing does not currently expect its financial statements to be materially affected.
IFRS 9 'Financial Instruments'
IFRS 9 will supersede existing guidance on the classification and measurement of financial assets and introduce new rules for hedge accounting. The Group will adopt the new standard on 1 April 2018 and in so doing does not currently expect its financial statements to be materially affected.
IFRS 16 'Leases'
IFRS 16 will supersede IAS 17 and remove the requirement for lessees to report on finance and operating leases separately. The Group expects to adopt the new standard on 1 April 2019, from which date its financial statements are likely to include several notable changes, including the presentation of both a right-of-use asset and a lease liability, reflecting the Group's obligation to make future operating lease payments, and cost classification alterations to its Income Statement, reflecting the replacement of operating lease payments with right-of-use asset depreciation and lease interest costs. The Group is currently assessing the new standard and its application options.
4. Segmental reporting
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.
For management purposes, the Group is organised into two operating segments: Leisure Travel and Distribution & Logistics. These operating segments are consistent with how information is presented to the CODM for the purpose of resource allocation and assessment of their performance and as such, they are also deemed to be the reporting segments.
The Leisure Travel business specialises in scheduled holiday flights by its airline Jet2.com to holiday destinations in the Mediterranean, the Canary Islands and to European Leisure Cities and the provision of ATOL licensed package holidays by its tour operator Jet2holidays. Resource allocation decisions are based on the entire route network and the deployment of its 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 asset and liability balances.
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 appropriate to aggregate the operating segments for reporting purposes and, therefore, both are disclosed as reportable segments for the period ended 30 September 2017:
Leisure Travel, which incorporates the Group's ATOL licensed package holidays operator, Jet2holidays and its leisure airline, Jet2.com; and
Distribution & Logistics, incorporating the Group's logistics company, Fowler Welch.
The Board assesses the performance of each segment based on operating profit, and profit before and after tax. Revenue from reportable segments is measured on a basis consistent with the Consolidated Income Statement. Revenue is principally generated from within the UK, the Group's country of domicile.
Segment results, assets and liabilities include items directly attributable to a segment, as well as those that can be allocated on a reasonable basis. No customer represents more than 10% of the Group's revenue.
Leisure
Travel
Distribution
& Logistics
Group
eliminations
Total
m
m
m
m
Half year to 30 September 2017 (Unaudited)
Revenue
1,580.9
83.0
-
1,663.9
Operating profit
202.5
2.4
-
204.9
Finance income
2.1
-
-
2.1
Finance costs
(8.8)
-
-
(8.8)
Net FX revaluation gains
14.3
-
-
14.3
Net financing income
7.6
-
-
7.6
Profit before tax
210.1
2.4
-
212.5
Tax
(37.9)
(0.4)
-
(38.3)
Profit after tax
172.2
2.0
-
174.2
Assets and liabilities
Segment assets
2,258.1
86.2
(5.1)
2,339.2
Segment liabilities
(1,741.0)
(28.4)
5.1
(1,764.3)
Net assets
517.1
57.8
-
574.9
Other segment information
Property, plant and equipment additions
88.8
1.6
-
90.4
Depreciation, amortisation and impairment
(59.6)
(1.2)
-
(60.8)
Share-based payments
-
-
-
-
Leisure
Travel
Distribution
& Logistics
Group
eliminations
Total
m
m
m
m
Half year to 30 September 2016 (Unaudited)
Revenue
1,160.8
80.0
-
1,240.8
Operating profit
165.2
2.3
-
167.5
Finance income
1.7
-
-
1.7
Finance costs
(0.9)
-
-
(0.9)
Net FX revaluation losses
(4.6)
-
-
(4.6)
Net financing costs
(3.8)
-
-
(3.8)
Profit before tax
161.4
2.3
-
163.7
Tax
(29.0)
(0.4)
-
(29.4)
Profit after tax
132.4
1.9
-
134.3
Assets and liabilities
Segment assets
1,479.0
88.4
(4.8)
1,562.6
Segment liabilities
(970.6)
(34.4)
4.8
(1,000.2)
Net assets
508.4
54.0
-
562.4
Other segment information
Property, plant and equipment additions
76.7
3.4
-
80.1
Depreciation, amortisation and impairment
(49.5)
(1.2)
-
(50.7)
Share-based payments
-
-
-
-
Year ended 31 March 2017 (Audited)
Revenue
1,565.8
163.5
-
1,729.3
Operating profit
98.5
4.5
-
103.0
Finance income
3.0
0.1
-
3.1
Finance costs
(5.0)
(0.1)
-
(5.1)
Net FX revaluation losses
(10.9)
-
-
(10.9)
Net financing costs
(12.9)
-
-
(12.9)
Profit before tax
85.6
4.5
-
90.1
Tax
(12.5)
(0.9)
-
(13.4)
Profit after tax
73.1
3.6
-
76.7
Assets and liabilities
Segment assets
2,214.2
86.1
(5.0)
2,295.3
Segment liabilities
(1,838.6)
(30.3)
5.0
(1,863.9)
Net assets
375.6
55.8
-
431.4
Other segment information
Property, plant and equipment additions
468.7
5.2
-
473.9
Depreciation, amortisation and impairment
(84.5)
(2.5)
-
(87.0)
Share-based payments
(0.3)
(0.1)
-
(0.4)
5. Earnings per share
The calculation of earnings per share is based on the following:
Half year to
30 September
2017
Unaudited
Half year to
30 September
2016
Unaudited
Year to
31 March
2017 Audited
Profit for the period (m)
174.2
134.3
76.7
Weighted average no. of ordinary shares in issue:
- used to calculate basic earnings per share
148,325,869
148,150,806
148,079,465
- used to calculate diluted earnings per share
149,057,472
148,926,409
148,975,656
6. Dividends
The declared interim dividend of 1.5p per share (2016: 1.375p) will be paid out of the Company's available distributable reserves on 5 February 2018, to shareholders on the register at 29 December 2017. 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.
7. Taxation
The tax charge for the period of 38.3m (2016: 29.4m) reflects an estimated effective tax rate of approximately 18% (2016: 18%). A reduction in the UK corporation tax rate from 20% to 19% became effective on 1 April 2017. In addition, a further reduction down to 17% (effective from 1 April 2020) was substantively enacted on 15 September 2016.
8. Reconciliation of net cash flow to movement in net cash
8BAt
9B31 March
2017
Cash flow
Exchange
differences
At
30 September
2017
At
30 September
2016
Audited
Unaudited
Unaudited
Unaudited
Unaudited
m
m
m
m
m
Cash and cash equivalents
488.7
(2.9)
0.1
485.9
459.9
Money market deposits
200.3
244.9
-
445.2
135.2
Bank loans due within one year
(129.6)
(5.7)
6.8
(128.5)
(96.3)
Bank loans due after one year
(390.9)
(69.3)
14.5
(445.7)
(33.1)
Net cash
168.5
167.0
21.4
356.9
465.7
9. Contingent liabilities
The Group has issued various guarantees in the ordinary course of business, none of which are expected to lead to a financial gain or loss.
10. Other matters
This report will be posted on the Group's website, www.dartgroup.co.uk and copies are available from the Group Company Secretary at the registered office address: Low Fare Finder House, Leeds Bradford International Airport, Leeds, LS19 7TU.
11. Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR EAKFSFDDXFFF
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