18th Jul 2007 07:00
MAXjet Airways Inc.18 July 2007 18 July 2007 MAXJET AIRWAYS, INC. ("MAXjet" or the "Company") JUNE PASSENGER STATISTICS AND PRE-CLOSE PERIOD TRADING UPDATE MAXjet today announces its passenger statistics for June 2007 and a tradingupdate in advance of its close period for the half year to 30 June 2007. MAXjetintends to announce the Company's interim results on Tuesday, 18 September 2007. Highlights • Record systemwide load factor of 83.1% in June with increased month-on-month yields • Half-year revenues to June 2007 expected to be no less than $27 million (H1 2006 revenue $16 million) • Strong August, September and October forward bookings • MAXjet ranked #2 International Airline by Travel & Leisure Magazine June 2007 and Year to Date Performance MAXjet's systemwide load factor rose to 83.1% in June, a year-over-year increaseof 18.7 percentage points. During April, May and June, MAXjet's systemwide loadfactors were 75.4%, 76.9% and 83.1% respectively. During the second quarter of2007 MAXjet's systemwide load factor was 78.7%, a 20.7 percentage point increaseover the same period in 2006. Key performance indicators for June and the year to date are summarized in thetables below: KPIS FOR JUNE* June 2007 June 2006 Change Total Seats 9,656 8,492 +14% Revenue Passengers 7,967 5,493 +45% Capacity (ASM 000s) 38,652 30,216 +28%Capacity (ASK 000s) 62,205 48,627 Traffic (RPM 000s) 32,103 19,464 +65%Traffic (RPK 000s) 51,665 31,324 Revenue Load Factor 83.1% 64.4% +18.7pp * Includes all scheduled flights marketed by MAXjet Airways KPIS FOR YEAR TO DATE* 1H 2007 1H 2006 Change Total Seats 45,260 40,706 +11% Revenue Passengers 33,126 20,862 +59% Capacity (ASM 000s) 188,248 143,427 +31%Capacity (ASK 000s) 302,956 230,917 Traffic (RPM 000s) 126,405 73,333 +72%Traffic (RPK 000s) 203,430 118,066 Revenue Load Factor 67.1% 51.1% +16pp * Includes all scheduled flights marketed by MAXjet Airways In the future, preliminary traffic announcements will be issued on the fifthbusiness day of each month. Q2 On-time Performance MAXjet's on-time performance for the second quarter was 74% and year to dateflight completions remain strong at 98.1%. On-time performance in the secondquarter was impacted by adverse weather in Washington and New York and prolongedair-traffic control delays at New York's JFK airport. Trading Update The Company expects that revenues for the first half of the financial year to 30June 2007 will be no less than $27 million (H1 2006 $16 million). Systemwide load factors increased during the first half of 2007, from 47% inJanuary to 83.1% in June. This increase reflects increasing volumes of businessand leisure traffic across MAXjet's network, repeat business and development ofthe Company's brand. Yields have strengthened year over year to the end of June. Based on forwardbookings the Board is optimistic that year-over-year improvements in yields willcontinue. During the half year period, MAXjet announced new weekly frequencies betweenStansted and both Las Vegas and New York following strong performances andforward bookings on these routes. Services between London Stansted and LasVegas will increase to four times weekly (Mondays, Thursdays, Saturdays andSundays) on 2 September 2007. Service between London Stansted and New York JFKwill increase to daily (from six times weekly) on 20 October 2007. MAXjet intends to introduce a service between London Stansted and Los Angeles(LAX) on 30 August 2007 with four, weekly round-trip flights. MAXjet expects tobe in a position to announce further schedule increases from London Stansted toUS by the end of September. Schedule additions may include new routes oradditional frequencies on existing routes. MAXjet raised £50.5 million before expenses and was admitted to AIM in June2007. The Company retired all long-term debt after the offering. MAXjet iscompleting overhaul and induction procedures on its fourth and fifth aircraftand expects both aircraft to be operational before the commencement of the LosAngeles route. The Company has entered the summer holiday season (which is a slower period forthe business class segment as a whole) with strong momentum. Bookings on newfrequencies to Las Vegas and Los Angeles continue ahead of expectations. Overallsystemwide bookings for the third and fourth quarters remain consistent withmanagement expectations. MAXjet Ranked #2 International Airline by Travel & Leisure Magazine Readers of Travel & Leisure magazine rated MAXjet the second-best internationalairline in the magazine's influential 2007 survey. MAXjet ranked ahead ofservice leaders Emirates, Cathay Pacific, and Virgin Atlantic, and second onlyto perennial winner Singapore Airlines. Travel & Leisure tabulated subscribervotes in the first quarter of 2007, with voters ranking airlines on cabincomfort, food, in-flight service, customer service and value. Bill Stockbridge, CEO of MAXjet commented: "Passenger load factors, yields and forward bookings continue to be strongacross our markets, We are particularly pleased with our continued strength inNew York and Las Vegas, where we are adding capacity to meet demand and earlydemand for our LA service is very encouraging. This systemwide performancevalidates our value proposition and network strategy." For further information, please contact: MAXjet Airways, Inc +1 703 574 6600Bill Stockbridge, CEOJohn Severson, CFOJosh Marks, EVP, Head of Strategy & Route Development Panmure Gordon, Nominated Adviser and Broker +44 207 459 3600Grant HarrisonAndrew PottsChris Bucknall FD +44 207 831 3113Ben FosterCharlie Watenphul Notes to Editors MAXjet Airways introduced the affordable all-business class segment, startingservice between London Stansted and New York (JFK) in November 2005. Sincelaunching the low-fare all-business class segment MAXjet has carried over 93,000passengers and introduced new services from London to Washington, Las Vegas andLos Angeles starting 30 August 2007. MAXjet offers the amenities of Business Class, including fast check-in securityclearance, departure lounges, padded leather seats with 170 degrees of reclineand 60" seat pitch, gourmet meals and an arrivals facility at Stansted, at farescomparable to flexible Economy Class. MAXjet offers convenient flight schedules with evening departures from citiesacross the United States and return flights from Stansted that appeal to bothbusiness and leisure passengers. MAXjet has attracted a customer base of small business, large business andaffluent leisure consumers with significant repeat business and high customersatisfaction. This news release contains statements of a forward-looking nature relating tofuture events or financial results of MAXjet Airways, Inc. Readers are cautionedthat such statements are only predictions and actual events or results maydiffer materially. In evaluating such statements, investors should specificallyconsider the various factors that could cause actual events or results to differmaterially from those indicated from such forward-looking statements. Theseinclude: the ability to obtain additional financing or refinancing as may berequired; the ability to achieve and maintain profitable operations; the abilityto attract new customers; the ability to successfully implement our businessstrategy; the ability to commence service in new markets on a timely basis andto ramp usage by customers in accordance with our expectations; and significantcompetition. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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