("fastjet" or the “Company”)
22 December 2015
Operational and Trading Update
fastjet (AIM: FJET), Africa's low-cost airline, today provides an update on trading and operations.
As previously announced, the prolonged adverse effect of the presidential election in Tanzania has led to reduced governmental and civil service traffic and lower demand for travel more widely across the country.
International route approvals are expected very soon which will allow the start of a significant fastjet Zimbabwe network early in the New Year.
The final stage of the Zambia AOC application process is expected to be completed in early 2016.
fastjet is proactively taking steps to manage its operating costs and overheads, and fully align its growth strategy with demand. As such, despite the current challenging market conditions and currency headwinds, which are expected to lead to lower than anticipated revenues in 2015 and 2016, the Company remains confident that these actions will ensure it continues to be well placed to capture the significant growth potential in the African aviation market. The Board believes 2016 will be a year of network growth and that the Group is expected to be cash flow positive for the next financial year.
For more information, contact:
fastjet Plc Tel: +44 (0) 20 3651 6307
Ed Winter, CEO
Rose Herbert, Investor Relations Manager
UK media - Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
South African media - Tribeca Public Relations Tel: +27 (0) 11 208 5500
Cian Mac Eochaidh
For investor enquiries please contact:
Liberum Capital Limited – Nominated Adviser and Joint Broker Tel: +44 (0) 20 3100 2222
W.H. Ireland Ltd.– Joint Broker Tel: +44 (0) 20 7220 1666
Sanlam Securities UK Limited – Joint Broker Tel: +44 (0) 20 7628 2200
Simon Clements/Ken Williams
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. fastjet Zimbabwe was successfully launched in October 2015. 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. Utilising its fleet of Airbus A319s, 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.
The results of a 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, the award for "Brand Strategy of the Year" at 2014’s Drum Marketing Awards in London, and the Transport Innovator Award at the 8th Transport Africa Awards 2015 in Johannesburg.
fastjet Plc is quoted on the London Stock Exchange's AIM Market.
For more information see www.fastjet.com
Posted on 22nd December 2015