Dart Group lifts full year profit

Jet2.com and Jet2Holidays owner Dart Group lifted full year revenue and pre-tax profit as passengers at its package holiday business more than doubled in the period.

Jet2holidays is set for further growth in the current year, with forward bookings at encouraging levels. We have expanded Jet2.com's flying programme by 10% for summer 2012, although margins remain challenging in this sector," said chairman Philip Meeson.

Group turnover for the year ended 31 March 2012 grew by 26% to £683m and pre-tax profit rose to £28.1m from £26.2m before. Earnings per share increased 31% to 16.01p.

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Meeson added: "The significant growth in turnover reflects expansion in both Jet2.com, the group's leisure airline and Jet2holidays, our package holiday business, which more than doubled its passenger numbers in the year."

"We are encouraged both by these business opportunities and by the start we have made to the current year but in the current economic environment we are cautious in respect of profit growth," he cautioned.

Profits in Leisure Airline fell, despite capacity and load factor growth, mainly due to increased jet fuel prices, which we were not able to pass on to our customers, the group explained.

Dart said it takes a careful and considered view of expansion in its Leisure Airline business, especially in the current economic climate but are optimistic for continued growth in the holiday market.

Its distribution & logistics business, Fowler Welch, improved operating margins after a year of investment and restructuring in 2010/11 and returned a pre-tax profit of £3.9m.

The board has recommended a final dividend of 0.89p per share compared to a 0.83p payment the year before.

CJ