Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Companies  >  All News

News : Companies

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors

Dart Group soars as its Jet2 brands power profit upgrade

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/12/2018 | 10:46am CEST

LONDON (Reuters) - Dart Group, the owner of British airline and tour operator Jet2, said annual profit this year would substantially exceed market forecasts as Britons book more holidays, sending its shares soaring.

Shares in Dart rocketed 34 percent to 995 pence at 0845 GMT, hitting an all time-high, after the group which runs Britain's third biggest airline in terms of passenger numbers behind easyJet and British Airways, posted its confident outlook.

Analysts who cover the stock upgraded their forecast for pretax profit by an average of 55 percent, taking the new consensus forecast for the year to March 31 2019 to about 175 million pounds ($231 million).

That came after Dart posted pretax profit which jumped 49 percent to 134.6 million pounds for the year ended March 31 2018, boosted by foreign exchange gains and as it took more people on holiday, and prompting it to lift its total full-year dividend by 42 percent.

Dart's airline Jet2.com competes against Ryanair and easyJet, while its package holiday business Jet2holidays competes against TUI Group and Thomas Cook. Like its rivals, Dart has benefited from strong appetite for holidays from UK passengers.

The Jet2 brands have like the other operators been helped by the demise of British rival holiday company and airline Monarch last year.

Arden Partners analyst Andrew Simms said the holiday business's focus on customer service was paying dividends.

"We believe these results and the full-year 2019 outlook represent a strong validation of Dart Group's strategy and expansion plans. The flexibility of the Group's leisure offering and focus on service should continue to differentiate Dart Group versus the competition," he said.

Dart's executive chairman Philip Meeson owns almost 38 percent of the company, which also has a logistics and distribution arm.

(Reporting by Sarah Young; editing by Kate Holton)

Stocks mentioned in the article
ChangeLast1st jan.
DART GROUP PLC -1.44% 961.5 Delayed Quote.41.29%
EASYJET -1.64% 1615 Delayed Quote.10.31%
RYANAIR HOLDINGS PLC -1.95% 15.55 End-of-day quote.3.77%
THOMAS COOK GROUP -2.80% 95.3 Delayed Quote.-22.46%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Companies"
09:53aBASEBALL : Pacific League standings (July 21)
AQ
09:36aLEE AND WHITESIDE COUNTY PROPERTY TRANSFERS : July 21, 2018
AQ
09:28aMICKEY MOUSE, MEET HOMER AND THE 'AVATAR' CREW : Fox Assets Would Bolster Disney's Franchises
DJ
09:24aTAL EDUCATION GROUP (ADR) : Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in TAL Education Group - TAL
AC
09:19aNEWELL BRANDS : Pomerantz Law Firm Reminds Shareholders with Losses on their Investment Newell Brands Inc. of Class Action Lawsuit and Upcoming Deadline - NWL
AC
09:19aAKERS BIOSCIENCES INC : Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Akers Biosciences, Inc. of Class Action Lawsuit and Upcoming Deadline - AKER
AC
09:18aJAPAN POST INSURANCE : About 1,442,500 Volumes of Health Declaration Form For Mitigation Use
AQ
09:18aTREND MICRO INCORPORATED : Anti-virus software package
AQ
09:15aVINCI : Excavation work at archaeological sites
AQ
09:15aCITIGROUP : Crisis Chief Finds Home in Finance's New Frontier
DJ
Latest news "Companies"
Advertisement