Daily Express

Fastjet’s shares in steep dive


SHARES in Fastjet, the budget African airline backed by easyJet founder Sir Stelios Haji- Ioannou, nosedived 24 ¼ p to 43p yesterday as it sounded a profi t warning following tough trading conditions in its key Tanzania market.

The firm said it had enough funds to meet operationa­l requiremen­ts but may look to raise more money this year. Stelios, who has a 12.6 per cent stake, recently called a general meeting to demand the removal of chief executive Ed Winter and warned that without major cost cutting the firm could soon run out of cash.

Fastjet said challengin­g market conditions had “been a lot more prolonged than management originally forecast” and it had already taken action to cut costs.

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