IN BRIEF: Dart Group Plans Name Change To Jet2 As Operations Ramp Up

Dart Group PLC - Leeds-based airline - Confirms it has applied to change its name to Jet2 PLC, to reflects its continued focus on its longer-term strategy of growing its leisure travel business. Executive Chair Philip Meeson says long-term target is to become "leading UK leisure travel business". He adds: "Our business has evolved significantly over the last decade and we believe now is the right time to align our group name with the brand under which our business is delivered."

Has resumed operations on July 15, gradually ramping up Summer 2020 flying to about 40% of its planned destinations for August. August 28 total cash balance GBP1.06 billion from GBP1.39 billion at March 31.

"Whilst there have been setbacks, such as the imposition of quarantines and evolving guidance from the UK Government, we have been satisfied with the average load factors and financial contribution achieved to date and will continue to add further capacity, as appropriate, for the remainder of Summer 2020," Meeson adds.

He continues: "We will continue to take every step necessary to preserve cash and enhance liquidity to ensure both Jet2.com and Jet2holidays are equipped to deal with this most challenging of trading environments and also best positioned for a return to full operations in a stable financial position."

Current stock price: 708.00 pence

Year-to-date change: down 58%

By Paul McGowan; paulmcgowan@alliancenews.com

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