Dart Group’s shares take off as profits double
The leisure and logistics firm also said future profits would far exceed current expectations.
Shares in the group behind airline Jet2 have taken off after profits soared and the company signalled more good news was yet to come.
Dart Group, which operates a range of leisure and logistics businesses, said its profit before tax has soared by 49% to £134.6 million in the year ended March 31. Revenues jumped 38% to £2.39 billion.
The firm, which has recently partnered with hit TV show Love Island to offer holiday prizes, also said demand had strengthened since the start of the new financial year, and that future profit would “substantially exceed market expectations”.
The board has proposed a total dividend of 7.5p per share for the year, up 42% from 5.272p the year before.
Following the upbeat results, Dart Group’s shares shot up 36% to 1,007p.
However, Dart Group warned that it was cautious about its outlook further ahead because it was unsure how Brexit might affect consumer demand.
The group’s strategy for the future will be to grow both its package holiday and its flight sales.
In a statement, the company said: “Real package holidays take considerable organisation and attention to detail and are not easily replicated by non-specialists.
“The group dedicates significant resources to deliver an innovative and industry-leading product and together with our scale, experience, competitiveness and customer-focused approach, we believe we have a strong and resilient leisure travel business.”