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Don't have an account? Click here to register.Fastjet CEO sees foundation for 'prudent growth'
Fri, 27th Jul 2018 10:57
(Sharecast News) - Low-cost African airline Fastjet, which last month raised $10m in an emergency placing after warning it could go bust, on Friday said it had started daily flights on Zimbabwe's sought-after Harare-Bulawayo route.Chief executive Nico Bezuidenhout told the company's annual meeting the airline planned to increase its network and capacity in Mozambique and Tanzania "in the next few months". Fastjet in June warned investors in June that fundraising issues could lead it to halt trading. The placing was completed only days later.Bezuidenhout said Fastjet had continued to make progress in 2018, and build on the success of its stabilisation plan and the previous year's financial results - which saw a substantially reduced operating loss as a result of total costs being reduced by 48% as load factor grew 17pp.Fastjet felt the performance would provide the group with a foundation for "prudent growth".Fastjet said the markets continued to "offer potential for growth", and the company had "significantly increased frequencies" between Maputo and Beira since launching in Mozambique in November 2017."We remain focused on further reducing losses and on delivering our objective of being cashflow positive during the second half of 2018. Fastjet remains committed to becoming a successful pan-African airline accessible to everyone," Bezuidenhout said.Fastjet shares were down 1.49% to 8.25p.
More News
25 Nov 2016 09:02
Fastjet shares dive after chairman resigns
(ShareCast News) - Africa's low-cost airline Fastjet tanked in early markets after its chairman resigned due to the company requiring further capital. Chairman and Director of the company Colin Child stepped down as he felt it would be inappropriate to stay on after the company decided to initiate a
Read more3 Oct 2016 16:55
Fastjet sells Airbus A319 to Avtrade
(ShareCast News) - Fastjet, an African based low-cost airline, has entered into a binding sale agreement of its solely-owned Airbus A319 with Avtrade. The consideration is to be paid $8m in cash with a 10% deposit payable on signature of the agreement and the balance on delivery. Included in the ag
Read more21 Sep 2016 11:03
Wednesday newspaper share tips: Fastjet, Pennon Group
(ShareCast News) - Fastjet has set itself from apart from its peers in Africa looking to leapfrog bottlenecks in the country's infrastructure by various means, the Financial Times said. Whereas many idealistic businesses tended to get mugged by the harsh realities of the Continent, Fastjet's travail
Read more20 Sep 2016 09:54
Fastjet's losses widen as it plans to cut costs and relocate
(ShareCast News) - Africa-based budget airline Fastjet's shares plummeted 17% on Tuesday morning as the company reported its losses widened in the first half. For the six months ended 30 June, operating losses from continuing activities rose to $31m from $12.8m the same period last year. The loss fr
Read more21 Jul 2016 13:51
Fastjet to raise £19.2m to fund new business plans
(ShareCast News) - Tanzania-based budget airline Fastjet announced a placing and open offer to raise £19.2m and said it plans to be in a cash-flow break-even position by the end of next year. The issue price of 50p represents a significant premium of around 116% to the closing price of the shares on
Read more28 Jun 2016 08:45
Fastjet to raise more funds amid challenging markets
(ShareCast News) - Tanzania-based budget airline Fastjet said on Tuesday that it needs to raise further finance to provide essential working capital and effect the necessary changes to its operations as the trading environment remains challenging. The company said it has begun the initial phases of
Read more21 Jun 2016 15:04