Fastjet PLC Result of General Meeting (0154W)
27 July 2018 - 7:40PM
UK Regulatory
TIDMFJET
RNS Number : 0154W
Fastjet PLC
27 July 2018
fastjet Plc
("fastjet", the "Company" or the "Group")
27 July 2018
Result of General Meeting
fastjet, the low-cost African airline, is pleased to announce
that at the general meeting of the Company held earlier today to
approve, inter alia, its 2017 Report and Accounts and
re-appointment of auditors, all resolutions put to shareholders
were duly passed.
Nico Bezuidenhout, fastjet's Chief Executive, made the following
statement to the General Meeting:
"fastjet continues to make progress in 2018 and build on the
success of the Stabilisation Plan and on 2017's financial results
(which saw a substantially reduced operating loss as a result of
total costs being reduced by 48% and load factor increasing by
17pp). This performance provides a foundation for prudent
growth.
Last week, fastjet launched daily flights on Zimbabwe's
sought-after Harare-Bulawayo route and we plan to increase our
network and capacity in Mozambique and Tanzania in the next few
months. These markets continue to offer potential for growth, with
the deployment of fastjet's ATR turboprop fleet expected shortly
and several new routes in both countries under review. We are
encouraged with developments in Mozambique - since fastjet launched
there in November 2017, we have significantly increased frequencies
between Maputo and Beira and have added an additional flight
between Maputo and Tete. We continue to assess opportunities in
South Africa and, as previously stated, expect to launch new
services in this highly attractive market in due course.
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."
ENDS
For more information, contact:
fastjet Plc Tel: +27 (0) 10 070 5151
Nico Bezuidenhout, Chief Executive
Officer
Michael Muller, Chief Financial
Officer
Tel: +44 (0) 20 7638 9571
UK media - Citigate Dewe Rogerson
Angharad Couch
Eleni Menikou
Toby Moore
Nick Hayns
South African media - Hein Kaiser Tel: +27 (0) 82 520 0555
For investor enquiries please contact:
Liberum Capital Limited - Nominated Tel: +44 (0) 20 3100 2222
Adviser and Broker
Clayton Bush
Jill Li
Neil Elliot
Trystan Cullen
NOTES TO EDITORS
About Fastjet Plc
fastjet is a multi-award winning low-cost African airline for
everyone. It began flight operations in Tanzania in November 2012,
flying passengers from Dar es Salaam to just two domestic
destinations - Kilimanjaro and Mwanza. Today, fastjet's route
network includes Tanzanian domestic routes from its Dar es Salaam
base to Kilimanjaro, Mbeya, and Mwanza, and international routes
from Tanzania to Lusaka in Zambia and Harare in Zimbabwe. fastjet
also began flight operations from its Zimbabwe base in October
2015, and now flies domestically from Harare to Victoria Falls,
Harare to Dar es Salaam and internationally from both Harare and
Victoria Falls to Johannesburg in South Africa. fastjet launched
flights in Mozambique in November 2017 through a brand license
agreement with Solenta Aviation Mozambique and offers a 4-city
network of services within the country. The airline has flown over
2.5 million passengers with an impressive aggregate 94% on-time
performance, establishing itself as a punctual, reliable, and
affordable low-cost carrier.
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END
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