12 Mar 2014 07:00
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."
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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%
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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
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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