Profits to beat expectations after lower than anticipated winter losses
Companies: Jet2 PLC
Shares in travel and logistics firm Dart Group jumped 4% on Wednesday after the AIM-listed firm told investors that it expects underlying pre-tax profit to be ahead of market expectations when published later this summer.
In a trading update, Dart Group said lower than anticipated winter losses had boosted profits, and that its forward bookings for the coming summer were "satisfactory". Trading at subsidiary Fowler Welch was "promising", whilst forward bookings in the leisure and travel parts of the Group performing well.
According to consensus financial data from Digital Look, the market expects revenues for the full year to 31 March to be around £1.7bn, with pre-tax profits falling 12.6% to £91m.
Despite growing revenues, pre-tax profits are dropping year-on-year, and by 2019, pre-tax profits are forecast to be around to £84.7m from revenues of £2.3bn.
Shares in Dart Group jumped 4% on Wednesday morning, trading at a forward P/E of about 9. Its shares fell 47% during 2016, but since October have rallied 50%.
The Group will publish prelims for the year end on 13 July.