Fastjet brushes off accountant concern to hail strong trading

Marion Dakers
AIM-LISTED airline Fastjet yesterday said it had enjoyed its best ever month of trading in May as revenues soared.

The confident update came less than a week after Fastjet’s accountants raised concerns about the firm’s ability to continue trading as a going concern.

Fastjet said revenues are up 50 per cent since the start of the year in Tanzania, while turn over in Ghana has risen 25 per cent since the same time a year ago.

“Simply put, we are carrying more passengers, enjoying increased yields and an ever improving level of dispatch reliability in each of these operations,” said chief executive Ed Winter in a statement.

The firm was set up in 2011, when software firm-turned investment vehicle Rubicon bought several aviation assets across Africa.

Last Friday after the markets closed, Fastjet released results for the 18 months to the end of 2012 that detailed a string of regulatory delays, a net loss of $56m (£35.8m) and KPMG’s concerns that “material uncertainty” cast doubt on the company’s prospects.

Fastjet’s spokespeople did not return a call for comment yesterday.

Shares in Fastjet closed up 0.4p, or 60.5 per cent, at 1.08p yesterday.