in Business & Finance

fastjet reveals final results for year ending 2013

Posted 26 June 2014 · Add Comment

fastjet has announced its audited final results for the year ended 31 December 2013 and operational highlights of 2014 to date.

Operational Highlights

• Establishment of the low cost carrier model in Africa

• Solid growth of domestic routes in Tanzania

• Launch of first international route between Tanzania and South Africa

• Restructuring of the legacy Fly 540 businesses initiated

Financial Highlights

• Group revenue increased by 154% from $21.0 million to $53.4 million of which $26.0 million is attributable to Tanzania in 2013

• Operating loss before exceptionals of $47.6 million of which $21.9m is attributable to Tanzania

• Average load factor for the year of 72%

• Average 2013 revenue per passenger rose from $46.30 to $95.20; average revenue per passenger for the year of $71.10

2014 Operational Highlights

• Disposal of Fly540 Kenya

• Second international route launched between Tanzania and Zambia; launch of third route from Tanzania to Zimbabwe imminent

• Launch of new domestic route in Tanzania; capacity increase on existing routes

• Board strengthened by new appointments

• Successful Placing and Open Offer

Ed Winter, chief executive, said “2013 was a very significant year for fastjet with the Company proving the low cost airline model in Tanzania works. In the first half of 2014 we have built upon that foundation and continued to grow, moving towards our vision of becoming a true pan African low cost airline.” 

“Our recent succesful fundraise moves us even closer to that goal, and I am delighted with the encouraging response we received from the market generally, and fastjet shareholders specifically, demonstrating support for our strategy and vision. 

“The disposal of fly540 Kenya, which was announced yesterday, is a hugely significant step that allows us to fully pursue our expansion in East Africa. Our experience to date confirms our long-held view that people across Africa are embracing the opportunities offered by fasjet’s reliable, safe and great value air travel.” 

Winter added: “The combination of the management team’s experience in Africa and fastjet’s stronger financial position means that we are now ready to continue our expansion and leverage our first mover advantage to the benefit of passengers and shareholders alike.”

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