("fastjet" or the “Company”)
18 May 2015
Planned Fleet Expansion
fastjet (AIM:FJET), Africa’s low-cost airline, is pleased to announce it plans to increase its fleet this year as it seeks to expand its operations and add further routes to its network.
With fastjet’s current fleet of three aircraft almost fully utilised, additional aircraft will be required to support the planned expansion of fastjet Tanzania and to facilitate the start-up of planned new fastjet operations in both Zambia and Zimbabwe.
The airline has signed a letter of intent with ICBC International Leasing Company Limited in respect of the leasing of one A319-131 aircraft (the “Aircraft”).
This Aircraft is the first of a number that fastjet is planning to add to its fleet this year, with each additional aircraft able to make up to 1,000 more seats per day available to fastjet’s customers. Based on the 75% load factors currently being projected by fastjet, each aircraft in the fleet is expected to carry approximately 275,000 passengers per annum.
fastjet expects to put the Aircraft into service in the third quarter of 2015, subject to entering into a lease agreement with certain conditions being met, including the reconfiguration of seating and painting in fastjet livery.
Ed Winter, fastjet Chief Executive Officer, said: "It will be a strong step forward to add another aircraft to our fleet and embark on our planned expansion funded by our recent £50 million placing. We are currently negotiating to bring further aircraft into the fleet.”
As previously announced, the Company’s target is to have up to 34 aircraft operating to 40 destinations within and from Tanzania, Zambia, Zimbabwe, South Africa, Kenya and Uganda by the end of 2018.
For more information, contact:
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:
W.H. Ireland Ltd.– Nominated Adviser and Joint Broker Tel: +44 (0) 20 7220 1666
Liberum Capital Limited – Joint Broker Tel: +44 (0) 20 3100 2222
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 Ghana and Angola where operations are currently suspended.
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 and the award for "Brand Strategy of the Year" at 2014’s 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 18th May 2015