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Healthy passenger numbers for FastJet says Northland Capital

Fastjet (FJET.L): July Passenger stats
Market Cap: £58m; Current Price: 87p
A Record month in passengers carried
n  July was a particularly strong month for FJET where the number of passengers carried in Tanzania was 71,163, showing 36% growth on July 2014. Furthermore load factor for July was a healthy 72%, though still below target load factor of 75%. The increase follows on the back of commencement of flights to Malawi and additional flights to Mwanza (Tanzania). On a rolling twelve month basis passenger numbers looking even healthier showing +64% to 747,348 YoY.

n  As of September 2015 FJET will increase its operations on various routes on the back of an additional A319 being introduced into the fleet. Dar es Salaam (Tanzania) to Johannesburg (South Africa) increases from three flights a week to a daily flight and Dar es Salaam with both Lusaka (Zambia) and Harare (Zimbabwe) moves to daily programmes, whilst the flight from Dar es Salaam to Lilongwe (Malawi) doubles from two to four flights a week.

n  At time of results in June FJET alluded to securing a Zambia Air Service permit, and that the first aircraft was expected to be deployed in the 3Q15, so with the addition of the new A319 toward the end of this month this deadline appears on track.
Northland Capital partners view on FastJet PLC: Healthy passenger numbers for FJET looks encouraging and with the new A319 being added to the fleet and many of the routes doubling flights or increasing significantly on a weekly basis, this should boost passenger numbers and ultimately revenue generation for the business in the current year. The low cost carrier has ambitions to expand the fleet to up to 34 aircraft over time and develop into a Pan-African carrier.
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