Jet2 - 3
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Well done to Jet2. They're not the only ones in profit though, Thomas Cook announced good profits, and Tui Travel's pretax profits were £319m, up 43%. These results reflect company performance pre-recession though - the real test will be S09 and next years results.
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THE PARENT of Leeds-based low cost flight operator Jet.2com today reported a 97 per cent leap in pre-tax profits for the half year ended September 30.
Dart Group's figure of £36.3m (2007: £18.4m) was achieved on turnover up eight per cent at £272.8m (2007: £252.9m).
Underlying pre-tax profits climbed by 175 per cent to £33.5m (2007: £12.2m).
The company said that over the period average load factors on its aircraft increased to 80.4 per cent (2007:74 per cent) and added that it had generated £20.3m cash from operating activities (2007: £0.5m outflow) despite the seasonal reduction in the level of customer advance payments, which peaked in March.
The company said the significant improvement in trading performance was principally driven by Jet2.com and reflected both improved yields and load factor.
However, the company will not pay an interim dividend because of the need, it said, to maintain "a cautious approach in recognition of current economic conditions".
Looking forward, Dart Group chairman, Philip Meeson said: "On an underlying basis, we would expect second half trading to be in line with last year.
"Jet2.com forward booking levels remain encouraging for the winter and Fowler Welch-Coolchain (the group's road distribution arm) continues to perform in line with the board's expectations.
Challenging
"We expect a more challenging trading environment next year and will continue to manage the business cautiously in the light of current economic conditions."
The company said costs were carefully managed in the period and a recently introduced fuel efficiency programme was now achieving a four per cent improvement in fuel utilisation.
For the winter season, Jet2.com has managed down its overall scheduled capacity which the company said reflected a "prudent" approach in the current economic environment.
New destinations, including Croatia, Turkey and the Red Sea, have been added for next summer, with increased flying from Manchester, whilst overall capacity will be maintained at levels similar to those of summer 2008.
The airline flew 2.3m scheduled passengers in the six months to September 30 (2007: 2.6m) with the number of routes served being reduced slightly to 74 (2007: 77).
The company said it was able to increase both yields and load factors by focusing on flying popular routes, at departure times convenient to customers.
Jet2.com currently operates 30 aircraft of which 29 (21 Boeing 737-300s and eight Boeing 757-200s) are owned by the group.
Jet2holidays.com, the group's tour operator launched in February 2007, sold over 25,000 holidays in the half year to September 2008.
The group said it was expected to make an increasingly significant contribution to the airline's passenger numbers over the coming years.
"We believe that Jet2holidays.com will become a favoured choice for our leisure customers by meeting our customers' demand for a package holiday from their local airport on Jet2.com scheduled services," today's statement said
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It's a trading statement, for God's sake. Trading statements never go into broken-down figures about which part of the company is performing and which isn't.
The words 'significant improvements in trading performance were principally driven by Jet2.com' might give you an idea that the airline has had a hand, though.
I imagine the tredious nay sayers will be notable by their absence when the actual figures are released next year, in which it may show that Jet2 - heaven forbid - had made some good money.
The ill-informed 'logic' the detractors use by saying that 'it must be the haulage company that's carrying the airline then' just doesn't add up. If there's one industry under more pressure in the UK presently than the airline industry, it's the haulage industry.
For a company that has one foot in haulage and the other in the airline industry to be turning anything like a profit at the moment - let alone a very good one - is pretty darn good I'd say. Very good, in fact.
I only wish I'd bought some shares when they were down below 10p.
It doesn't take a genius to note that the more diverse operators are the ones turning in good results (i.e. the ones that aren't simply white bread low cost airlines), whereas those who've stuck to a basic point-to-point flight offering are suffering.
And to think of all the slagging the likes of Jet2 got from the armchair experts on here when they announced they were launching their own holiday company and were pushing towards more charters.
Come on, somebody allege that it's the Royal Mail contract that's carried Jet2 this year, then we'll have the full suite of tedious criticism.
The words 'significant improvements in trading performance were principally driven by Jet2.com' might give you an idea that the airline has had a hand, though.
I imagine the tredious nay sayers will be notable by their absence when the actual figures are released next year, in which it may show that Jet2 - heaven forbid - had made some good money.
The ill-informed 'logic' the detractors use by saying that 'it must be the haulage company that's carrying the airline then' just doesn't add up. If there's one industry under more pressure in the UK presently than the airline industry, it's the haulage industry.
For a company that has one foot in haulage and the other in the airline industry to be turning anything like a profit at the moment - let alone a very good one - is pretty darn good I'd say. Very good, in fact.
I only wish I'd bought some shares when they were down below 10p.
It doesn't take a genius to note that the more diverse operators are the ones turning in good results (i.e. the ones that aren't simply white bread low cost airlines), whereas those who've stuck to a basic point-to-point flight offering are suffering.
And to think of all the slagging the likes of Jet2 got from the armchair experts on here when they announced they were launching their own holiday company and were pushing towards more charters.
Come on, somebody allege that it's the Royal Mail contract that's carried Jet2 this year, then we'll have the full suite of tedious criticism.
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Nothing to with being jealous and dismissive. I'm not a shareholder or a competitor. Doesn't affect me one way or the other.
I just read what the statement said, not what people think it said.
Releasing turnover figures, but not profits, is a classic diversion tactic. If Jet2's doing well, and is profitable, then I'm glad for them, but I'm staggered that Dart hasn't said so. If people aren't convinced, Dart only has itself to blame.
I just read what the statement said, not what people think it said.
Releasing turnover figures, but not profits, is a classic diversion tactic. If Jet2's doing well, and is profitable, then I'm glad for them, but I'm staggered that Dart hasn't said so. If people aren't convinced, Dart only has itself to blame.
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214:
If that does not read as Jet2 being profitable, I do not know what you would be satisfied with.
On an underlying basis (excluding the Specific IAS39 mark to market adjustments), profit before tax amounted to £33.5m (2007: £12.2m). This significant improvement in trading performance was principally driven by Jet2.com, the Group’s low-cost leisure airline, and reflects both improved yields and load factor. Underlying EBITDA increased by 77% to £52.7m (2007: £29.9m).
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XL ant News!!
I just hope LS keep this up, And introduce more LH flights from the N England.
Just hope PM's Accountants don't get 'Too excited' and go on a spending spree?
I remember how good Capital (BZ) at LBA were doing, Then they got 'Too excited' and bought 2 146's at an expense!!
That was said to be the cause of Capital's bankrupcy!!
I think PM & LS have the experience not to overspend.
I know the LS fleet is old, But what does it matter?
As long as they pass their 'MOTs' - Cofa's.Lol
LS fleet are workhorses.
I just hope LS keep this up, And introduce more LH flights from the N England.
Just hope PM's Accountants don't get 'Too excited' and go on a spending spree?
I remember how good Capital (BZ) at LBA were doing, Then they got 'Too excited' and bought 2 146's at an expense!!
That was said to be the cause of Capital's bankrupcy!!
I think PM & LS have the experience not to overspend.
I know the LS fleet is old, But what does it matter?
As long as they pass their 'MOTs' - Cofa's.Lol
LS fleet are workhorses.
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Byalphaindia
An unfortunate choice of words, perhaps it is an ex-XL ant bit of news, I would guess that those who have been in a position to ride the storm so far will be more secure on the business of the unfortunates who have gone to the wall!
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Must admit I'm curious - how much of Darts aviation ops is freight, and how much J2? Turnover from distribution isn't enough to carry a £35m profit, but I don't know how the aviation ops break down.
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EBITDA alone is often a legitimate cause for suspicion
Eh?
EBIDTA gives a clue to earnings, it's turnover alone that would make me wonder.
Nowt wrong with questioning a press release. Sounds to me that J2's probably doing summit right, though.
...so it's only me who finds the cash at bank and net cash figures in the statement to be incredibly alarming?
Making a profit does not necessarily mean that you have a reasonable level of cash in the business - you can be profitable and still run out of cash.
If I'm reading today's announcement correctly, it says that they had cash of £400,000 in the bank at the end of September. OK, borrowings have been significantly reduced versus last year, but cash has still fallen from £4m this time last year to £0.4m this year. Not good, particularly in an environment where you can't readily borrow money if you need it.
Making a profit does not necessarily mean that you have a reasonable level of cash in the business - you can be profitable and still run out of cash.
If I'm reading today's announcement correctly, it says that they had cash of £400,000 in the bank at the end of September. OK, borrowings have been significantly reduced versus last year, but cash has still fallen from £4m this time last year to £0.4m this year. Not good, particularly in an environment where you can't readily borrow money if you need it.
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Eh?
EBIDTA gives a clue to earnings, it's turnover alone that would make me wonder.
Nowt wrong with questioning a press release. Sounds to me that J2's probably doing summit right, though.
EBIDTA gives a clue to earnings, it's turnover alone that would make me wonder.
Nowt wrong with questioning a press release. Sounds to me that J2's probably doing summit right, though.
It's not always dubious though, and at the very least it shows clearly that the company can make money by doing what they're doing, and that's good to know. I'm sure there's no book cooking going on at Dart Towers.
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Ls 4001
The LS flight to EWR appears to have landed in Gander more than 6 hours late. Does the same crew bring the return flight back? At the moment I can't find an arrival at EWR.
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757 performance limitations
BYALetc, the Wardair ops were summer only, perhaps June to Sept. Getting the 747 direct to YYZ with a full load off 32 was never a problem. However I should imagine with a 757 that it would be a struggle....
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oldart
I posted a question in the Leeds topic yesterday,because I noticed flight had been 'redirected'.
It left LBA over 6 hours late due to the snow,routed via Gander,and like you I could not see an arrival time in EWR.
It was estimated over 5 hours late into EWR,but if it stopped in Gander to refuel surely it arrived later than that.
Anybody got a clue what time it reached EWR?.
It left LBA over 6 hours late due to the snow,routed via Gander,and like you I could not see an arrival time in EWR.
It was estimated over 5 hours late into EWR,but if it stopped in Gander to refuel surely it arrived later than that.
Anybody got a clue what time it reached EWR?.