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| Fastjet flies into storm with share price plunge | Fastjet flies into storm with share price plunge |
| (6 months later) | |
| Shares in Fastjet crashed 36 per cent yesterday after the low-cost airline that wants to be a pan-African carrier issued a profits warning following a prolonged downturn. | Shares in Fastjet crashed 36 per cent yesterday after the low-cost airline that wants to be a pan-African carrier issued a profits warning following a prolonged downturn. |
| The shares collapsed by 24.25p to 43p as the airline, started by EasyJet’s founder Sir Stelios Haji-Ioannou, said that it would not be cash-flow positive this year as hoped. It had already issued two profit warnings in the past year. | The shares collapsed by 24.25p to 43p as the airline, started by EasyJet’s founder Sir Stelios Haji-Ioannou, said that it would not be cash-flow positive this year as hoped. It had already issued two profit warnings in the past year. |
| Fastjet said that it was considering cutting routes from the nascent network. The airline also said it could raise more funds, to give it headroom as it struggles to grow. | Fastjet said that it was considering cutting routes from the nascent network. The airline also said it could raise more funds, to give it headroom as it struggles to grow. |
| The airline is already facing a challenge from Sir Stelios, who has a 12.6 per cent stake and last month requested a shareholder meeting, calling for the immediate dismissal of Ed Winter, the airline’s chief executive, and general counsel Krista Bates. Sir Stelios yesterday repeated his call, adding that “Fastjet has a bloated cost base … The only way to reduce the overhead is for Ed Winter to leave the company now and the chairman to start the cost-cutting.” | The airline is already facing a challenge from Sir Stelios, who has a 12.6 per cent stake and last month requested a shareholder meeting, calling for the immediate dismissal of Ed Winter, the airline’s chief executive, and general counsel Krista Bates. Sir Stelios yesterday repeated his call, adding that “Fastjet has a bloated cost base … The only way to reduce the overhead is for Ed Winter to leave the company now and the chairman to start the cost-cutting.” |
| The budget carrier said that it had more than $20m (£14m) of cash from which it could fund its current operations and insisted that it was confident of its business model and the significant growth potential of the African market. | The budget carrier said that it had more than $20m (£14m) of cash from which it could fund its current operations and insisted that it was confident of its business model and the significant growth potential of the African market. |
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