Dart Group (AIM:DTG) – decent ‘underlying’ results and another upgrade
The somewhat bizarre provider of Leisure Travel and Distribution & Logistics announced decent results for the year ending 31st March 2015 and a positive outlook statement pushing the shares higher. The current high rating surely implies further upgrades around the corner or even a possible bid?
Group turnover increased 12% to £1,253.2m with ‘underlying’ (that says ‘exceptional’ items) Group operating profit up 3% to £50.6m reflecting improved trading and continued investment in the Leisure Travel business. Underlying profit before tax grew 36% to £57.2m after accounting for an exceptional provision of £17.0m, in relation to possible passenger compensation claims for historical flight delays under Regulation (EC) No 261/2004. Allowing for this and Group profit before tax actually fell 5% to £40.2m. The total proposed dividend is up nearly 10% to 3.00p per share equating to a modest yield of .68% at the current share price. Leisure…