Operational and trading update

RNS Number : 8373J

Fastjet PLC

22 December 2015

 

fastjet Plc

("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. 

Tanzania

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.

Zimbabwe

International route approvals are expected very soon which will allow the start of a significant fastjet Zimbabwe network early in the New Year.

Zambia

The final stage of the Zambia AOC application process is expected to be completed in early 2016.

Outlook

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: [phone]
Ed Winter, CEO Rose Herbert, Investor Relations Manager
UK media - Citigate Dewe Rogerson	Tel: [phone]
Angharad Couch
Eleni Menikou
Nick Hayns
South African media - Tribeca Public Relations	Tel: [phone]
Cian Mac Eochaidh
Kelly Webster
For investor enquiries please contact:

Liberum Capital Limited - Nominated Adviser and Joint Broker	Tel: [phone]
Clayton Bush
Christopher Britton
W.H. Ireland Ltd.- Joint Broker	Tel: [phone]
James Joyce
Mark Leonard
Sanlam Securities UK Limited - Joint Broker	Tel: [phone]
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

 

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