fastjet, the low-cost African airline, announces its audited final results for the year ended 31 December 2015.
Below
is a summary of fastjet’s results for the year to 31 December 2015.
For
the full results announcement including strategic reports and financial
performance, please click on this link. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FJET/12838257.html
The table below shows the financial performance of the fastjet
Group continuing activities excluding the legacy Fly 540 Angola CGU.
|
|
2015
|
2014
|
|
|
US$
|
US$
|
|
Revenue
|
65.1m
|
53.8m
|
|
Operating loss from
continuing activities
|
(37.9)m
|
(43.9)m
|
|
Loss from continuing
activities after tax
|
(36.2)m
|
(44.4)m
|
|
Profit/(loss) from
discontinuing activities after tax
|
19.4m
|
(14.1)m
|
|
Loss for the year
after tax
|
(16.9)m
|
(58.5)m
|
|
Loss per share from
continuing activities
|
(0.71)
|
(3.38)
|
|
Cash balance at year
end
|
28.9m
|
1.4m
|
Financial highlights
· Revenue on continuing activities up 21%
· Negative cash flow from operating activities US$(36.9m) (2014:
US$(27.2m))
· Equity fund raise in April 2015 of US$75m before expenses
Operational highlights
· Passenger
numbers up 32% to 787,771
· fastjet
Tanzania load factor down 6.6 percentage points to 66.7%
· fastjet
Tanzania aircraft utilisation up 10% to 11.2 hours during peak months
· Named
Africa’s Leading Low-Cost Airline 2016 at the World Travel Awards
Strategic highlights
· fastjet
Zimbabwe commenced services
· Flights
from Tanzania to Kenya approved
· Further
rationalisation of legacy operatives including disposal of Fly 540 Ghana and
Fly 540 Angola classified as abandoned
· Rationalisation
of route network progressing well
· Search
for new Chief Executive Officer well advanced
Colin Child, fastjet Executive Chairman, commented: “2015 was a
year of change and challenge for fastjet. We made progress in developing
our Tanzanian operations, launching fastjet Zimbabwe and expanding into Kenya
but revenues were impacted by a weakening Tanzanian economy and Tanzanian
Shilling exchange rate and political uncertainty in the country. As a
consequence of these macroeconomic pressures, consumer spending fell and this
had a negative effect on ticket sales in the second half of the financial year.
“We’ve taken action to mitigate the effects of this
prolonged downturn and have reduced operating costs and overheads by
rationalising certain routes, reducing frequencies on particular routes and
eliminating other underperforming services and this is progressing well.
“2016 will be focused on developing existing routes
and operations consistent with the Group’s long term vision of becoming the
first true pan-African low-cost airline. The airline continues to reduce
operating costs and overheads and to match capacity to the lower demand now
forecast in pursuit of a path to profitability in the medium term.
“Despite the challenges faced in 2015, we are starting
to see the benefits of our short term actions and remain confident in our long
term strategy where the need
for low cost pan-African air travel is evident. The Board believes that fastjet
is in a position to move forward from the experiences of 2015 and will benefit
from the first mover advantage as the network develops”.
fastjet’s report and accounts for the year ended 31 December 2015
(“2015 Report and Accounts”), notice of the Annual General Meeting (“AGM”) and
the form of proxy, are expected to be posted to shareholders shortly.
A copy of the 2015 Report and Accounts is available to view and
download from the Company’s website: www.fastjet.com
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