fastjet Passenger Statistics for February 2014 and extension of EFF - 12 March 2014

12 March 2014

fastjet plc
("fastjet" or the "Company")
 
fastjet Passenger Statistics for February 2014 and extension of EFF


fastjet plc is pleased to announce its passenger statistics for the month of February 2014 and an extension of its existing EFF from £15 million to £25 million.

fastjet Tanzania

fastjet operations in Tanzania carried a total of 35,100  passengers and achieved a load factor of 76 per cent.  The average yield per passenger was $82, compared to $47 in February 2013.  Total revenue for the month was $2.87m, a 135 per cent increase from February 2013.

Punctuality remained outstanding with 93 per cent of fastjet flights operating on time. Note 5

Fly 540

As expected, the passenger numbers carried by the legacy 540 businesses, particularly in Angola, continued to fall year-on-year as those businesses undergo significant restructuring.

Extension of EFF

The Company also announces that it has agreed to extend its current Equity Finance Facility ('EFF') with Darwin Strategic Ltd. from £15 million to £25 million.  All other aspects of the initial EFF agreement  announced on 14th June 2013 remain unchanged.  fastjet is also in talks with a number of potential long term investors. Whilst these are concluded the agreement with Darwin to extend the EFF is a prudent measure, which provides the Company with the flexibility to raise finance in the short term as required.

Ed Winter, interim Chairman and Chief Executive Officer of fastjet, said:

"Our February performance continues to demonstrate how well the low cost model is working, producing strong average yields whilst still providing plenty of low-fare seats for passengers booking their seats early.  The continued growth in passenger numbers and yields puts fastjet well on track to become cash generative as the route network and capacity increase."

___________________________________________________________________________
All Operations Note 1
                                                                                                                                                                              
Month ending                                                  February 2014             February 2013          Change
                                                                                              
Passengers Note 2                                                79,715                           77,829                 2.4%
                                                                                              
Rolling 12 months ending                                February 2014           February 2013          Change
                                                                                                             
Passengers Note 2                                               985,565                         758,970                      29.9%___________________________________________________________________________
fastjet Operations Note 4
                                                                                                                                                                              
Month ending                                                   February 2014              February 2013         Change
                                                                                              
Passengers Note 2                                                35,100                               25,987              35.1%
Load Factor Note 3                                                76%                                   80%                  -4pp
                                                                                              
                                                                                              
Rolling 12 months ending                               February 2014              February 2013           Change
                                                                                              
Passengers Note 2                                               379,901                             83,330                 356%
_______________________________________________________________________________
_______________________________________________________________________________

Notes:
1.    "All Operations" includes statistics for fastjet Tanzania, Fly540 Kenya, Fly 540 Ghana and Fly540
Angola.
2.    "Passengers" for 540 operationsare flown passengers and for fastjet operations are sold seats flown,
in both cases excluding infants.  Fastjet bookings are generally non-refundable whereas 540
bookings are in some circumstances refundable.
3.    "Load Factor" is the number of 'passengers" as a percentage of the number of available seats flown.
4.    "fastjet Operations" includes only statistics for Fastjet Tanzania operations which commenced on
29th November 2012
5.    "on time" - arrival earlier than or within 15 minutes of schedule
 

For media enquiries please contact:

UK media - Citigate Dewe Rogerson                                                                   Tel: +44 20 7638 9571

Angharad Couch

Eleni Menikou

South Africa media – Tribeca Public Relations                                                  Tel: +27 11 208 5521

Cian Mac Eochaidh

For investor enquiries please contact:

W.H. Ireland Ltd.                                                                                                    Tel: +44 20 7220 1666

James Joyce

Nick Field


NOTES TO EDITORS

About fastjet plc


fastjet plc is the holding company of the low cost airline fastjet which commenced flights under the fastjet brand in Tanzania in November 2012.  The airline introduced Airbus A319s into its fleet.  By adhering to international standards of safety, quality, security and reliability; fastjet has brought a new flying experience to the African market at unprecedented low prices. fastjet is implementing the low-cost model across Africa and its long-term strategy is to become the continent's first low-cost, pan-African airline.  fastjet plc is also the holding company of Fly540, which operates in Kenya, Ghana and Angola.

The results of a recent customer satisfaction survey showed that 100% of customers were likely to recommend fastjet to a friend. In developing its strong brand and identity, fastjet has won and been nominated for a number of awards, including winning three Transform awards for the rebrand and launch of fastjet and the award for "Brand Strategy of the Year" at the recent Drum Marketing Awards in London.

fastjet plc is quoted on the London Stock Exchange's AIM market.

For more information see www.fastjet.com 

Posted on 12th March 2014