Dart takes off as 2019 profits said to 'substantially exceed' expectations
Leisure travel group Dart told investors to expect current year profits to "substantially exceed market expectations" after profits soared 49% in its past trading year.
Dart, which owns and operates the Jet2 airline and package holiday business, turned in a pre-tax profit of £134.6m in the year to 31 March thanks to strengthened holiday demand in the UK.
The AIM-listed group saw full-year revenue jump 38% to £2.39bn as its pre-tax margin increased to 5.6% from 5.2%. There was a boost from foreign exchange swings.
Dart said Jet2 flew 10.38m passengers throughout the year, a 46% increase, which included a 45% rise in demand for its 'real package holidays' as 2.50m customers set off on a Jet2holidays package holiday.
Executive chairman Philip Meeson said, "Demand for our leisure travel product has strengthened since the start of the new financial year and given current forward bookings we expect that group profit before foreign exchange revaluations and taxation for the financial year ending 31 March 2019, will substantially exceed current market expectations."
"Looking further ahead, emerging cost pressures coupled with the overall uncertain UK economic outlook, particularly related to Brexit and how it may impact on consumer spending, means we remain unclear how demand will develop in the medium term," he added.
Dart hiked its full-year dividend by 54% to 6p, giving a total payout of 7.5p for the year, a 42% year-on-year increase.
As of 1000 BST, Dart shares had taken off 35.95% to 1,006p.