Fastjet PLC (AIM:FJET) Final results, Capital raise, Placing & AGM results

 

Fastjet PLC (AIM:FJET) have made four announcements to the market today, Final resultsProposed Capital Raising, Result of Placing Result of AGM

*Cash balance at 18 June 2018 US$3.3m

 

Strategic highlights

 

· Strategic and operational partnership agreed with Solenta Aviation Holdings Ltd;

·Purchase of fastjet brand from easyGroup, enabling future brand licence agreements and greater operational flexibility;

·Market entry into Mozambique via a brand license agreement with Solenta Aviation Mozambique; and subsequent MoU signed with LAM – Mozambique Airlines, S.A;

·Brand license agreement with Federal Airlines, giving fastjet access to an AOC for South Africa, to commence in-country services by early 2019;

· Board re-shaped and strengthened during the first-half of 2017;

· Fundraising of US$28.8m in January 2017 and US$44m in September 2017, reflecting ongoing shareholder confidence in fastjet’s strategy; and

· fastjet named Leading Low-Cost Airline in Africa at the 2017 World Travel Awards and Best Low-Cost Airline, Africa, at the 2017 Skytrax awards.

 

Nico Bezuidenhout, fastjet Chief Executive Officer, commented:

“In 2017, the successful implementation of our Stabilisation Plan saw us realign our network, withdraw from loss making routes, reconfigure our fleet, migrate the Group’s headquarters to Africa, and significantly reduce our cost base. These actions have resulted in a substantially reduced loss for 2017.

“The purchase of the fastjet brand from easyGroup in the second half of 2017 was an important milestone for the Company which has allowed us to explore new avenues for growth and given us greater operational flexibility, particularly in terms of the type of aircraft we operate.  As part of our targeted network expansion strategy, the first fastjet branded flight in Mozambique took off last November and over the next 18 months we have a programme of further measured expansion of services in Mozambique and, subject to appropriate fleet expansion, new services in South Africa.

“We are proud that fastjet has managed to restructure its operations in a relatively short space of time and simultaneously continued to provide our passengers with a truly excellent service.

 


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