Jet2 parent issues profits warning
29.02.08
The parent company of Leeds Bradford Airport based low cost airline Jet2 issued a profits warning today as it admitted that a hoped for increase in passenger numbers this winter had not materialised. In a trading statement issued this morning, Dart Group said that whilst its Fowler Welch-Coolchain distribution business had continued to perform well, winter trading in its aviation business 'has not met expectations'.
The aviation and distribution group, which relocated its offices and staff to Leeds Bradford Airport last summer, issued today's update on current trading ahead of its year end on March 31. The statement said: 'In the winter season, the forecast growth in passenger volumes has not been achieved and similar volumes to last year are now expected.'
The company said the resultant lower yield (average fare) and load factors (average passengers per plane) had reduced its winter revenue expectations by about 6 percent, with a consequential reduction in the group's expected pre-tax profits for the year.
At one point this morning shares in the company fell by nearly 15 percent - down 4.25p to 25p, valuing the company at around £35m. They have fallen by almost 75 percent since last September and over 80 percent over the last 12 months.
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