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Fastjet passenger numbers rise; long-term funding talks underway

Last updated: 18:55 12 Mar 2014 AEDT, First published: 19:55 12 Mar 2014 AEDT

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Africa–focused discount airline Fastjet (LON:FJET) saw passenger numbers rise 35% at its Tanzanian hub in February.

Tanzania-based flights carried a total of 35,100 passengers at a load factor of 76%, compared to 26,000 passengers and load factor of 80% a year ago.

The airline added its average yield per passenger also rose by 75% to US$82 over the twelve months. Total revenue in February was US$2.87mln, a 135% increase from this time last year and boosted by its growing suite of ancillary services.

Yesterday, the airline announced passengers could now hire cars and book parking after it struck two travel agreements.

Total passengers carried rose in February 2.4% to 79,700, with the legacy business of Fly 540 seeing a decline particularly in Angola.

Fastjet added it had increaed the size of its Equity Finance Facility with Darwin Strategic to £25mln from £15mln, while talks are underway with a number of potential long term investors.

“Whilst these are concluded the agreement with Darwin to extend the EFF is a prudent measure, which provides the company with the flexibility to raise finance in the short term as required," the airline said.

Ed Winter, interim chairman and chief executive added: "Our February performance continues to demonstrate how well the low cost model is working, producing strong average yields whilst still providing plenty of low-fare seats for passengers booking their seats early.

“The continued growth in passenger numbers and yields puts Fastjet well on track to become cash generative as the route network and capacity increase."

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