Dart (DTG) will have to cut a number of jobs across its business, as well as reducing its flying programmes for the remainder of 2020 and for 2021. The group was hit by a net exceptional charge of £108m due to hedge ineffectiveness caused by coronavirus.
Management has tapped the Bank of England’s Covid Corporate Financing Facility (CCFF) for £300m, as well as raising gross proceeds of £172m from a share placing. It has sold its distributions and logistics business Fowler Welch for a gross cash consideration of £98m, which it completed at the end of May.
Topline numbers demonstrate that trading was relatively solid in the months prior to the outbreak. Although Jet2.com suspended its flying programme in mid-March, the Leisure Travel business still grew overall single sector flown passenger by 14 per cent to 14.62m, which pushed up revenue by just over a fifth.
Management said that current monthly load factors for winter 20/21 are satisfactory and summer 2021 bookings are showing a materially increased package holiday mix.
Analyst consensus compiled by FactSet gives a loss of 218p per share for March 2021, down from 74.84p in FY2020.
| DART GROUP (DTG) | ||||
| ORD PRICE: | 759p | MARKET VALUE: | £1.36bn | |
| TOUCH: | 754-799p | 12-MONTH HIGH: | 1,950p | LOW: 184p |
| DIVIDEND YIELD: | 0.4% | PE RATIO: | 10 | |
| NET ASSET VALUE: | 355p* | NET CASH: | £229m | |
| Year to 31 Mar | Turnover (£bn) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2016 | 1.41 | 104 | 60.2 | 4.0 |
| 2017 | 1.73 | 90 | 51.8 | 5.27 |
| 2018 | 2.39 | 130 | 72.2 | 7.5 |
| 2019 (restated) | 2.96 | 171 | 91.9 | 10.2 |
| 2020 | 3.58 | 153 | 75.0 | 3.0 |
| % change | +21 | -10 | -18 | -71 |
| Ex-div: | na | |||
| Payment: | na | |||
| *Includes intangible assets of £26.8m, or 14p a share **Includes lease liabilities of £673m | ||||
