Fastjet PLC Result of General Meeting (0154W)

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: [phone] 
 Nico Bezuidenhout, Chief Executive 
  Officer 
  Michael Muller, Chief Financial 
  Officer 
                                          Tel: [phone] 
   UK media - Citigate Dewe Rogerson 
 Angharad Couch 
  Eleni Menikou 
 Toby Moore 
  Nick Hayns 
 
 South African media - Hein Kaiser        Tel: [phone] 
 
 For investor enquiries please contact: 
 Liberum Capital Limited - Nominated      Tel: [phone] 
  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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July 27, 2018 05:40 ET (09:40 GMT)