fastjet Group reports results for the year to 31 December 2014

fastjet has announced its Group operational and financial figures for calendar year 2014.

fastjet Tanzania had an 85% increase in aircraft utilisation (from 5.5 to 10.2 block hours per aircraft per day) to go with a 62% increase in total seats flown. The carrier had 92% punctuality and introduced additional ancillary revenue streams including seat selection and its 'Smartclass', and 'Freighty' products.

fastjet Zambia had its Zambia Air Service Permit granted in 2014, a significant step on the path to gaining an Air Operator Certificate and launching flights within and from Zambia. The first aircraft is due to be deployed in third quarter of 2015.

The group’s lossmaking Fly 540 operations in Ghana and Angola remain suspended and it has disposed of its investment in Fly540 Kenya.

Financially, fastjet Tanzania saw a 106% increase in full year revenues to $53.8 million, up from 2013’s revenues of $26 million, including a 26% increase in average revenue per passenger to $90 from $71 in 2013.

fastjet Tanzania has a 64% increase in passengers carried last year. It saw a 3% increase in revenue per available seat kilometre (RASK) to 7.95 cents, up from 2013’s RASK of 7.72 cents, along with a 20% fall in cost per available seat kilometre (CASK) to 11.27 cents from 14.13 cents in 2013.

The airline had a full-year underlying operating loss before exceptional items of $22.5 million. Including the exceptional items, the full year underlying operating loss was $24.4 million. This led to a 50% reduction in year on year EBITDA loss margin.

fastjet Group reported an operating loss before exceptionals of $30.7 million. After exceptionals the operating loss was $43.9 million, including impairments of $10.7 million intangibles and termination of easygroup management contract of $2.5 million.

Ed Winter, fastjet’s CEO, commented, "2014 has seen a significant increase in the number of passengers travelling on our core Tanzanian routes, with revenue more than doubling. Aircraft utilisation grew sharply and average revenue per passenger also climbed with our services such as seat selection proving increasingly popular with customers.

"Strong underlying traffic growth during the year continues to demonstrate that fastjet's low-cost airline model works in the African market. This growth in traffic underpins our belief that people across Africa are increasingly embracing the travel opportunities offered by fastjet's safe, reliable, and great value product, with a high percentage of first time flyers,” Winter remarked.

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