Interim Results

Dart Group PLC
18 November 2004


                                 DART GROUP PLC
           Interim Results for the Six Months Ended 30 September 2004

Dart Group PLC, the aviation services and distribution group, announces its
interim results for the six months ended 30 September 2004.

CHAIRMAN'S STATEMENT

I am pleased to report on the Group's trading for the six months ended 30
September 2004.  Profit before tax and amortisation of goodwill has risen to
£11.1m (2003 - £7.4m) on turnover of £140.4m (2003 - £119.7m).   It is
anticipated that the seasonal pattern of profitability seen last year will be
repeated this year as Jet2.com is profitable in the summer months and will make
a loss in the weaker winter period.

First half capital expenditure amounted to £22.8m, and primarily related to the
purchase of three Boeing 737-300 aircraft. A fourth aircraft was delivered in
October 2004.  Net borrowings at 30 September 2004 were £14.4m (31 March 2004 -
£15.0m), representing gearing of 30.5% (31 March 2004 - 37%).

The Group's policy is to borrow US dollars in order to finance its US dollar
denominated Boeing 737 aircraft fleet.  This provides a natural balance sheet
hedge as assets are largely equal and opposite to liabilities. At 30 September
2004 US dollar assets and liabilities amounted to US$ 130.9m.    This structure
has also contributed to the net interest receivable in the profit and loss
account as the Group has been able to deposit sterling at higher rates of
interest than its US dollar borrowing costs.

All known fuel requirements for Jet2.com have been hedged for the rest of this
financial year together with a significant proportion of the current forecast
requirements for 2005/6, at average rates lower than the current market price.
Neither the Aviation Services Division's contract charter operations nor the
Distribution Division currently has any material exposure to oil price risk, as
this is substantially covered in fuel escalation clauses in our commercial
contracts.

The Board is pleased to declare an interim dividend of 2.04p per share (2003 -
1.85p), an increase of 10.3%.  The dividend will be paid on 6 January 2005  to
shareholders on the register as at  26 November 2004.

Aviation Services

The Aviation Services Division comprises Channel Express (Air Services) and
Benair Freight International, the Group's freight forwarder.  Channel Express
operates contract charter passenger and freight air services and, trading as
Jet2.com, scheduled low cost services from the North of England and Northern
Ireland.

The company's aircraft fleet consists of Airbus A300B4 Eurofreighters and Boeing
737-300 passenger and Quick Change aircraft.   The final three Fokker F27
freighters will be withdrawn from service in January 2005.  The Eurofreighters
are contracted to leading express parcel companies and operate night freight
services into their European hubs.

The Boeing 737-300 Quick Change aircraft fly night freight services for Royal
Mail, after which they are quickly changed back into passenger configuration for
daytime operations.  We have experienced a stronger than expected demand for
these aircraft from our passenger charter customers which has contributed to the
improved results.

The company's Jet2.com scheduled low cost services have also experienced higher
than expected demand at its Leeds Bradford and Belfast International Airport
bases.  Over half a million passengers were flown between the UK and city break
and Mediterranean sun destinations during the six months to 30 September 2004.
Capacity at Leeds Bradford and Belfast International Airports is being increased
for the summer of 2005 in order to serve more destinations with greater
frequency.

On 29 September we announced a third base, at Manchester Airport, where
initially six aircraft will serve at least ten European destinations by May
2005.  Additionally, a three times daily low cost Manchester - London Gatwick
service will commence on 17 January 2005.  We expect to continue to develop
Jet2.com services in the North, providing our customers with a friendly and
efficient low cost service.

It is very pleasing to be able to report Benair Freight International's
continued success.  Profitable growth has been sustained in both its core
freight operations and specialist ornamental fish importing business.  This is a
reflection of the competitive and customer focused service the company offers.

Distribution

Fowler Welch-Coolchain, the Group's temperature-controlled distributor of fresh
produce, horticulture and food products, primarily on behalf of supermarkets and
their suppliers, trades in a challenging market.  Pricing is always under
pressure whilst service levels must remain high.  However, the company is
organised to deliver excellent transportation services at competitive rates and
is continually seeking new business for both its UK and European operations.
The trend for supermarkets to source direct from overseas producers is helping
the division's European business and relationships are being formed with
continental hauliers to meet this demand cost-effectively.

To bring further efficiencies, the division's businesses continue to be
streamlined and costs reduced, lowering the fixed cost base. Incremental
volumes, which our enthusiastic distribution team wins, directly enhance the
division's profitability.  Fowler Welch-Coolchain has recently won additional
business that requires storage and picking services prior to onward
distribution. We are currently competing for further opportunities of this
nature.   There is considerable optimism for the future profitable growth of our
distribution business.

Outlook

Each of the markets in which the Group trades is, of course, extremely
competitive.  However, I believe that shareholders will be encouraged by our
anticipated full year financial performance.



Philip Meeson,
Chairman                                                       18 November 2004


www.dartgroup.co.uk


Enquiries:    Philip Meeson, Chairman
                                         Tel:     [phone]          Mobile:  [phone]

              Mike Forder, Group Finance Director
                                         Tel:     [phone]          Mobile:  [phone]

UNAUDITED INTERIM CONSOLIDATED RESULTS
for the half year to 30 September 2004
                                                                        Half year to    Half year to     Year to
                                                                        30 September    30 September    31 March
                                                                                2004            2003        2004
                                                                         (unaudited)     (unaudited)   (audited)
                                                               Note            £'000           £'000       £'000

Turnover - continuing operations                                  1          140,381         119,661     228,200
Net operating expenses,
                 excluding amortisation of goodwill                        (129,365)       (112,496)   (219,195)
Amortisation of goodwill                                                       (248)           (248)       (497)

Net operating expenses                                                     (129,613)       (112,744)   (219,692)

Operating profit - continuing operations                                      10,768           6,917       8,508

Profit on disposal of fixed assets                                                40             446         365
Net interest receivable/(payable)                                 2               60           (237)       (353)

Profit on ordinary activities before taxation                                 10,868           7,126       8,520

Taxation                                                                     (3,535)         (2,368)     (2,868)

Profit on ordinary activities after taxation                                   7,333           4,758       5,652

Dividends                                                                      (701)           (636)     (2,099)

Retained profit for the period                                    3            6,632           4,122       3,553


Earnings per share

-  basic                                                                      21.34p          13.86p      16.46p

-  basic, excluding the amortisation of goodwill                              22.06p          14.58p      17.91p

-  diluted                                                                    21.27p          13.83p      16.43p


Dividend per share
                                                                               2.04p           1.85p       6.11p
                                                                               


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                                        Half year to    Half year to     Year to
                                                                        30 September    30 September    31 March
                                                                                2004            2003        2004
                                                                         (unaudited)     (unaudited)   (audited)
                                                                               £'000           £'000       £'000
Profit on ordinary activities after taxation
                                                                               7,333           4,758       5,652
Foreign exchange movement on foreign equity investments                           19            (13)        (63)

Total gains and losses recognised in the period                                7,352           4,745       5,589

                                                                               

CONSOLIDATED BALANCE SHEET
at 30  September 2004

                                                                                    30 September        31 March
                                                                                            2004            2004
                                                                                     (unaudited)       (audited)
                                                                          Note             £'000           £'000
Fixed assets
Intangible assets                                                                          7,532           7,780
Tangible assets                                                                           86,353          75,264

                                                                                          93,885          83,044
Current assets
Stock                                                                                      1,648           2,216
Debtors                                                                                   34,118          31,221
Cash at bank and in hand                                                                  18,409          13,362

                                                                                          54,175          46,799
Current liabilities
Creditors:  amounts falling due
within one year                                                                         (61,131)        (55,793)

Net current liabilities                                                                  (6,956)         (8,994)

Total assets less current liabilities                                                     86,929          74,050

Creditors:  amounts falling due after more than  one year                               (29,554)        (25,093)

Provision for liabilities and charges                                                   (10,055)         (8,293)

                                                                                        (39,609)        (33,386)

Net assets                                                                                47,320          40,664



Capital and reserves

Called up share capital                                                                    1,718           1,718
Share premium account                                                                      7,707           7,702
Profit and loss account                                                      3            37,895          31,244
Shareholders' funds - equity interests

                                                                                          47,320          40,664


CONSOLIDATED CASH FLOW STATEMENT
for the half year to 30 September 2004


                                                                  Half year to     Half year to         Year to
                                                                  30 September     30 September        31 March
                                                                          2004             2003            2004
                                                                   (unaudited)      (unaudited)       (audited)
                                                         Note            £'000            £'000           £'000

Net cash inflow from operating activities                   4           24,369           19,939          36,111

Returns on investment and servicing of finance
Interest paid: bank and other loans                                      (282)            (333)           (853)
Interest received: bank                                                    292               96             302

                                                                            10            (237)           (551)

Taxation
Corporation and overseas tax paid                                        (479)          (1,462)           (506)

Capital expenditure and financial investment
Purchase of tangible fixed assets                                     (22,812)         (19,008)        (28,156)
Disposal of tangible fixed assets                                        1,885              453           2,137

                                                                      (20,927)         (18,555)        (26,019)

Equity dividends paid                                                  (1,464)          (1,463)         (2,099)

Cash inflow/(outflow) before financing                                   1,509          (1,778)           6,936

Financing
Ordinary share capital issued                                                5               15              30
Other loans repaid                                                     (4,794)          (5,777)        (18,553)
Other loans advanced                                                     8,842           12,941          16,052

                                                                         4,053            7,179         (2,471)

Increase in cash in the period                              5            5,562            5,401           4,465




NOTES TO THE INTERIM RESULTS
at 30 September 2004

1.             Turnover

                                                                Half year to      Half year to       Year to
                                                                30 September      30 September      31 March
                                                                        2004              2003          2004
                                                                 (unaudited)       (unaudited)     (audited)
                                                                       £'000             £'000         £'000
Distribution                                                          51,048            58,005       112,076
Aviation Services                                                     89,333            61,656       116,124

                                                                     140,381           119,661       228,200
Turnover arising within:
  The United Kingdom and the Channel Islands                         137,091           116,374       222,804
  Mainland Europe                                                      2,777             2,753         4,368
  The Far East                                                           513               534         1,028
                                                                     140,381           119,661       228,200


Analyses of profit before taxation and net assets between the
different segments of the Group are not given as, in the opinion of the
directors, such analyses would be seriously prejudicial to the commercial
interests of the Group.

2.             Net interest receivable/(payable)

                                                                Half year to      Half year to       Year to
                                                                30 September      30 September      31 March
                                                                        2004              2003          2004
                                                                 (unaudited)       (unaudited)     (audited)
                                                                       £'000             £'000         £'000
On bank loans and overdrafts                                            (50)             (178)          (21)
On other loans                                                         (232)             (265)         (835)
Other interest payable                                                     -                 -           (5)

                                                                       (282)             (443)         (861)
Interest receivable                                                      292                96           303

                                                                          10             (347)         (558)
Interest capitalised within tangible fixed assets                         50               110           205

                                                                          60             (237)         (353)


3.             Profit and loss account reserve

                                                             Half year to     Half year to       Year to
                                                             30 September     30 September      31 March
                                                                     2004             2003          2004
                                                              (unaudited)      (unaudited)     (audited)
                                                                    £'000            £'000         £'000

Balance at the beginning of the period                             31,244           27,754        27,754
Retained profit for the period                                      6,632            4,122         3,553
Currency translation differences                                       19             (13)          (63)
                                                                   37,895           31,863        31,244


NOTES TO THE INTERIM RESULTS
at 30 September 2004


4.             Reconciliation of operating profit to net cash flow from
                operating activities
                                                                Half year to      Half year to       Year to
                                                                30 September      30 September      31 March
                                                                        2004              2003          2004
                                                                 (unaudited)       (unaudited)     (audited)
                                                                       £'000             £'000         £'000

Operating profit                                                      10,768             6,917         8,508
Depreciation                                                          10,861            13,033        18,759
Amortisation of goodwill                                                 248               248           497
Decrease in stock                                                        568               153           236
(Increase) in debtors                                                (2,897)           (2,265)         (309)
Increase in creditors                                                  4,802             1,866         8,480
Exchange differences                                                      19              (13)          (60)

                                                                      24,369            19,939        36,111


5.             Reconciliation of net cash flow to movement in net debt

                                                                Half year to      Half year to       Year to
                                                                30 September      30 September      31 March
                                                                        2004              2003          2004
                                                                 (unaudited)       (unaudited)     (audited)
                                                                       £'000             £'000         £'000

Increase in cash in the period                                         5,562             5,401         4,465
Cash (inflow)/outflow from (increase)/decrease in net
debt in the period                                                   (4,048)           (7,164)         2,501
                                                                     
Change in net debt resulting from cashflows
in the period                                                          1,514           (1,763)         6,966
Exchange differences                                                   (933)             1,467         6,196
Net debt at 1 April                                                 (15,032)          (28,167)      (28,167)

Net debt at end of period                                           (14,451)          (28,463)      (15,032)

                                                               
6.             Other matters

The financial information for the year to 31 March 2004 does not
constitute statutory accounts, as defined in Section 240 of the Companies Act
1985, but is based on the statutory accounts for the year then ended.  Those
accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.

          The accounts to 30 September 2004 have been prepared using accounting
policies consistent with those adopted for the year to 31 March 2004.

          Basic earnings per share has been calculated by reference to earnings
of £7,333,000 (2003: £4,758,000) and a weighted average number of ordinary
shares in issue of 34,358,217 (2003: 34,340,047).

       This report is being sent to all shareholders and copies are available
from the Company Secretary at the registered office of the Company, Building
470, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.


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