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Fastjet Survived After All

Fastjet FJET Claims 2015 was a year of change and challenge but contrary to the hopes of some pundits who enjoy making a living out of predicting and helping to create, doom and disaster, it survived. Passenger numbers for the year to the end of December rose by 32% but the load factor for Tanzania fell 6.6% following the woes of the Tanzanian economy.

Year end cash rocketed from $1.4m to $28.9m and like for like revenue was up by 21%, helping to bring the loss for the year down from $58.5m to $16.9m and the loss per share down from 3.38 cents to 0.71 cents. Short term targets include continuing to reduce costs and to match capacity to the reduced demand,

Johnson Matthey JMAT  The usual story from a company which has not had a good year and feels that it needs to explain away, if it can, a 22% fall in profit before tax. It does not need much guesswork to expect that a dividend increase is on the way, and it is.  As soon as it claims a robust performance and that some markets have been particularly challenging, you can guess  the news is not too good and that one way or another the board will be seeking shelter.

So for the year to 31st March Johnson Matthey’s revenue rose by 7%,  and the dividend is to be raised by 5%. It suffered from falls in 3 out of its 4 main markets, precious metals being especially hard hit. To be fair improvement is expected for the current year, with strong growth drivers leading the way.

RPC Group RPC is raising its dividend for the year to 31st March by 20% after revenue rose by 34%. The company claims that the year produced good underlying growth and a strong business performance. Like for like net profit before tax was up from 67.1m to 75.6m and adjusted earnings per share rose by 14%.

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