An upturn for Fastjet
FASTJET is set to spread its wings beyond its key Tanzanian market after reducing losses and raising $44million (£33million) from investors.
The low-cost airline will enter agreements to expand into South Africa and Mozambique and is considering dual listing on the Johannesburg Stock Exchange.
Chief executive Nico Bezuidenhout hailed “significant progress” as its half-year operating loss fell from $31million to $13.2million.
He added: “We are on track to achieve cash flow break-even by the fourth quarter.” Shares rose 1¼p to 22¾p.