Fastjet FJET expects to become cash flow positive in the second half of 2018 which if it does will give the lie to the rabid and gleefull forecast of a speedy demise announced earlier in the week by one Tom Winnifrith who used to try and earn a living in the Isle of Man.The year to the 31st December saw the operating loss fall by 61%, load factor up by 17% and costs down by 48%. It restructured its operations, which it certainly needed to, in a relatively short space of time. It realigned its network, withdrew from loss making routes, reconfigured its fleet and significantly reduced its cost base. A major milestone was the purchase of the brand from easy Group. It is still Africa’s leading low cost airline.It also announces this morning a proposed capital raising of not less than US$10m
Serco Group SRP updates that profits are now beginning to grow as part of its five year strategy and first half underlying trading profit is expected to increase by about 20% at constant currency rates. The order book continues to be strong and 80% of orders will come from outside the UK. Full year revenue however, is expected to be down largely due to contracts ending in 2017.
Nighthawk Energy HAWK The demise of the company draws close with the approval of the US bankruptcy court to the sale of the company’s assets for US$18m. after which it will be wound up. Nothing is available for shareholders.