FastJet making ‘steady progress’ with turnaround efforts
Are things finally starting to stabilise at turbulent FastJet? The company has had a bumpy flight in the last few years: its shares have collapsed by 99% from their peak in 2013 after overexpansion and economic downturn in its key markets led to spiralling losses and forced it to repeatedly turn to investors to raise more cash. However, in a trading update Friday the company said its efforts to cut costs and improve its operations are bearing fruit, and it expects to finally stop burning cash by the end of this year. The company has relocated its headquarters from London to Johannesburg, and moved toward a smaller fleet of smaller aircraft. It added that it is aiming to “leverage its relationship” with Solenta Aviation Holdings, a South African airline which took a 28% stake in FastJet in January, to expand into new countries. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-07-03/unaligned/fastjet-making-2018steady-progress2019-with-turnaround-efforts
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FastJet making ‘steady progress’ with turnaround efforts
Are things finally starting to stabilise at turbulent FastJet? The company has had a bumpy flight in the last few years: its shares have collapsed by 99% from their peak in 2013 after overexpansion and economic downturn in its key markets led to spiralling losses and forced it to repeatedly turn to investors to raise more cash. However, in a trading update Friday the company said its efforts to cut costs and improve its operations are bearing fruit, and it expects to finally stop burning cash by the end of this year. The company has relocated its headquarters from London to Johannesburg, and moved toward a smaller fleet of smaller aircraft. It added that it is aiming to “leverage its relationship” with Solenta Aviation Holdings, a South African airline which took a 28% stake in FastJet in January, to expand into new countries. <br/>
