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Fastjet PLC - Trading Statement

RNS Number : 4701H
Fastjet PLC
25 March 2020
 

fastjet Plc

 

("fastjet", the "Company" or the "Group")

 

Trading Update and Impact of Coronavirus

 

 

25 March 2020

 

fastjet, the low-cost African airline, today provides an update on current trading following announcements by the Government of South Africa and the Government of Zimbabwe regarding efforts to contain and control the rapid escalation of coronavirus in their respective countries. 

South Africa will see a country wide "lockdown" from midnight on Thursday 26 March 2020 to midnight on Thursday 16 April 2020, both days inclusive.  The Zimbabwean Government has also introduced strict measures, including banning all non-essential travel.

In light of the above, the Company has taken the decision to suspend all of fastjet Zimbabwe's flight operations from Friday 27 March 2020 until Thursday 16 April 2020, both days inclusive and during this time, the majority of the Company's employees will be working from home or on leave.

 

In addition, the Company's FedAir business is seeing significant deferrals of existing bookings to late 2020 and away from the traditional high seasons of Easter and European and USA summer holiday season over July, August and September.

 

As at 23 March 2020, the Group had cash reserves of US$ 2.0m with no restricted cash. Of the Group's  US$ 2.0m cash reserves, US$ 0.2m is in Zimbabwe and currently unrestricted.

 

The Company is continuing to assess the situation daily and will provide further updates in due course.

 

This announcement is released by fastjet plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Kris Jaganah, Group Chief Financial Officer.

 

fastjet plc

Tel: +27 (0) 10 070 5151

Mark Hurst, Group Interim Chief Executive Officer

Kris Jaganah, Group Chief Financial Officer

 

 

 

Liberum Capital Limited

Nominated Adviser and Broker

Tel: +44 (0) 20 3100 2222

Andrew Godber

Clayton Bush

James Greenwood

William Hall

 

 

Citigate Dewe Rogerson

Financial PR

 Tel: +44 (0) 20 7638 9571

Angharad Couch

Toby Moore

Nick Hayns

 

 

 

 

NOTES TO EDITORS

 

About Fastjet Plc

 

fastjet is a multi-award winning (including Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017) low-cost African airline for everyone, who began its 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 operations predominately in Zimbabwe and South Africa together with interline arrangements with carriers such as Emirates and Qatar.  The airline has flown over 3.0 million passengers with an impressive aggregate on-time performance above 90%, establishing itself as a punctual, reliable, and affordable carrier.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Fastjet PLC

Price: 0.155

Market: AIM
Market Cap: £5.89 m
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