Jet2.com Operator Dart Rises as Britons Seek Sun: London Mover
Dart Group Plc (DTG), the operator of leisure airline Jet2.com, rose the most in more than a year after saying full-year earnings will beat market expectations as a drizzly British summer spurred growth in holiday travel.
The shares surged as much as 11 percent, the biggest intraday gain since Oct. 12, 2011, and were up 9.8 percent at 84 pence at 12:37 p.m. in London. The advance made Dart the fifth-best performer in the FTSE AIM All-Share Index. (AXX)
“Strong summer trading” means that pretax profit in the six months through September will surpass last year’s performance in the period, Leeds, England-based Dart said today in a statement. Full-year earnings will “exceed current market expectations” even with increased seasonal losses in the second half.
Jet2.com flew 3.6 million passengers in the six months, an increase of 14 percent from a year earlier, it said today. Jet2holiday, its package holiday operation, served 312,000 passengers, a gain of 97 percent.
“They traded very well in the first half,” Chris Thomas, a Bristol, England-based analyst at Arden Partners Ltd., said by phone. Thomas, who has a buy recommendation on the shares, raised his estimate of full-year profit to 32 million pounds ($51.3 million) from 30 million pounds.
Dart operates from airports in the north of England, including Leeds Bradford and Manchester. Fowler Welch, Dart’s distribution and logistics business, traded in line with expectations, the company said.
The volume of trading was more than 734,000 shares at 1 p.m., more than six times the daily average over the past three months.
Dart’s sales rose 26 percent in the last fiscal year to 683 million pounds, with net income up 31 percent to 22.7 million pounds.
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