Fastjet reports 26.6 pct rise in passengers

Africa focused low cost carrier fastjet (LON:FJET) reported a 26.6 per cent rise in passenger numbers in October compared with the same month last year.

Last month it carried 51,015 passengers, giving a 12 month rolling total of 638,654 – which represented a 61.5 per cent year on year increase.

fastjet is being developed with the help of easyJet founder Sir Stelios Haji-Ioannou, who is both a shareholder and director of the company, with the eventual aim of carrying 12 million passengers a year using the low-cost blueprint patented in Europe.

It is an undertaking that will require a 40-strong fleet, but which would create a US$1 billion turnover business.

fastjet has taken over the routes owned by Fly540, the airline developed by Africa-focused trading company Lonrho (LON:LHRO).

On Monday it revealed it has raised US$2.4 million to help establish its hub network across the continent.

Its first flight with its new Airbus 319 is scheduled to take off from Dar es Salem in Tanzania this month.