17 October 2011 – trading update

Aviation and distribution group Dart has had a satisfactory first half in the six months to 30 September with Jet2.com, seeing passenger growth of 32% to 3.2m in the period with the load factor increasiung by over 2% to almost 90%.  However, margins were lower than the previous year because of higher fuel costs.  The distribution business Fowler Welch has also seen revenue growth although margins have again come under pressure.  Overall, first half profits are expected to be ahead of last year with a similar level of losses expected in the second half.  Full year results are expected to be in line with expectations with pre-tax profits expected to be around £29m for earnings per share of 14.4p.  Following the recent fall in price, the shares are now looking attractive once again.  BUY.