Stocktube video
02/09/2014

Fastjet CEO Winter on new route

View full size
Additional Information
Market: AIM
Sector: Transportation
EPIC: FJET
Latest Price: 1.23p  (0,00%)
52-week High: 6.50p
52-week Low: 1.18p
Market Cap: 20.20M
1 year chart More charts
Deal FJET Tax Free*
*subject to change and depends on individual circumstances.
1 day chart More charts
Advertisement
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Deal Fastjet Tax Free* Losses can exceed
your initial deposit
*subject to change and depends on individual circumstances.

fastjet plc is the holding company for African airline Fly540, which operates in Tanzania, Kenya, Ghana and Angola. Flights under the fastjet brand commenced in Tanzania in November 2012. The airline has introduced Airbus A319s into its fleet. By adhering to international standards of safety, quality, security and reliability, fastjet...

Read more
Pdf

Fastjet says South Africa prime focus in coming months

June 03 2013, 7:10am “South Africa is going to be one of the prime focus areas for Fastjet over the coming period'

African no-frills airline Fastjet (LON:FJET) is to encourage greater local investment in its operating subsidiaries to try to overcome delays in getting its network established.

The airline said obtaining the rights to these routes where Fastjet wishes to fly had taken much longer than expected due to bureaucracy and protectionism.

“The strategy is therefore to create a series of airlines, all operating under the Fastjet brand, and meeting identical international standards of reliability, safety and customer service,” Fastjet said in a stock exchange statement.

“The flights for these airlines will all be sold on one website as a single brand, providing the consumer with a pan-African airline experience, and the airlines with a reputation and sales platform across the continent.”

Fastjet, which was spun out of Lonrho and backed by easyJet founder Sir Stelios Haji-Ioannou, intended to use Lonrho’s Fly540 network as the hub for a Pan-African discount airline.

Chief executive Ed Winter however said the Fly540 businesses acquired from Lonrho had all seriously underperformed relative to expectations with an underlying loss (EBITDA) from the continued Fly540 operations of US$17.8mln in the 18 months to December 2012.

Fastjet also took a raft of write-downs for Fly540 businesses in the figures and alongside other charges the pre-tax loss was US$55.3mln.

Because of the losses, cash outflow and also the lack of certainty over access to international routes, auditor KPMG qualified the figures though the directors said it has enough funding to continue operating for at least a year.

The airline recently signed a memorandum of understanding with Blockbuster, a South African investment company, to set up to operate a service between Johannesburg and Cape Town.

“South Africa is going to be one of the prime focus areas for Fastjet over the coming period, whilst we review and continue to restructure some of the smaller operations we have elsewhere in Africa,” Winter said.

“Discussions are also on going in a number of other African countries with a view to launching airlines under the Fastjet brand.”

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.