This is despite around some 80% of the group’s UK staff already having been placed on furlough under the government’s job retention scheme, as have "many" of its overseas workers.
In a trading update issued on Friday (24 April), the group further revealed that it is seeking to confirm its eligibility for the government’s Covid Corporate Financing Facility, which has already provided £600 million to easyJet via a commercial loan.
Dart has also confirmed it had fully drawn down a £100 million revolving credit facility to boost liquidity, adding that it remains in constructive discussions with other existing liquidity providers.
Additionally, performance-related bonuses for the financial year ending 31 March 2020, plus the group’s discretionary colleague profit share scheme, will not be paid.
The board has also decided it would be "inappropriate" to recommend a final dividend for the year at this time.
Dart nonetheless expects to report pre-exceptional group profit, before foreign exchange and taxation, for the year to 31 March 2020 of between £265 million and £270 million, up 49% on full-year 2018/19.
However, with its operations currently suspended, albeit with holidays on sale from 17 June, the group expects to record in its full-year 2019/20 financials an exceptional charge of £109 million arising from fuel hedging for next year and foreign currency hedges
"The impact and duration of Covid-19 remains difficult to determine, and the board has no clarity as to how this will affect group profit before foreign exchange revaluation and taxation for the financial year ending 31 March 2021," said the group.
In respect of its leisure business, Dart said it had taken several steps – beyond matters relating to staff – to "underpin the stability of the business" and preserve cash.
It has cancelled all 12 of its summer-only third-party eased aircraft in anticipation of a reduced flying programme this summer, and has deferred all non-critical capital expenditure; frozen recruitment and discretionary spending; let contractors go; and entered into discussions with suppliers to reduce outgoings.
"Positively, and despite the considerable uncertainty, we are seeing customers still making bookings for late summer 2020 and winter 2020/21, with encouraging numbers choosing to rebook rather than cancel," said the group. "In addition, and though very early, summer 2021 bookings to date are very promising."
And despite suspending its flying programme in mid-March due to the coronavirus pandemic, full-year 2019/20 flight-only passenger numbers increased 14% to 14.6 million, while package holiday customers increased 19% to 3.8 million.
