Go Fly Ltd (`Go`) Preliminary Results

9th May 2002


- 300% improvement in Profit from operations to £17.0 million (2001: £4.2 million)
- Breakeven in second half of year-ending March 2002 (6 months-ending March 2001: £(7.0) million) - Turnover up 46% to £233.7 million (2001: £159.7 million)
- Passenger numbers increased by 55% to 4.27 million (2001: 2.76 million) - Seat load factor of 72.2%. 1.2 points higher on previous year (2001: 71%) - Available Seat Kilometres (ASK) up 26% to 5,367m (2001: 4,252m) - Bristol Base profitable in its first full year of operation - Introduction of East Midlands Base. Services started in March 2002 - Strong punctuality performance - 72% of flights departed within 15 minutes of the scheduled time - Passenger numbers for April 2002 up over 79% year-on-year

Commentating on the results, Barbara Cassani, Chief Executive of Go, said:

`These are tremendous results for Go. This strong performance, continuing month over month, is reflected in April`s traffic figures with a 79% increase in passengers year-on-year. I am proud of everyone at Go for building such a successful business`.

Continuing the trend of strongly improving financial performance, Go achieved Profit from operations of £17.0 million in the year-ended March 2002. Go has significantly improved its financial performance whilst growing at a faster rate than any major competitor.


Flown passengers increased 55% on the previous year, whilst capacity (Available Seat Kilometres) increased by 26%. Despite an 8% drop in yields, unit revenues increased 15% over the previous year. This is due to improved load factors and a shorter network sector length.

This represents a strong performance in the normally competitive environment in which Go operates, but following the tragic events of 11 September 2001, this performance is exceptional. In common with the airline industry at large, Go experienced a 20% drop in passenger numbers in the immediate aftermath of 11 September. Thereafter bookings recovered steadily stimulated by extensive fare reductions designed to keep the market moving. By January 2002, both passenger bookings and passengers travelled were exceeding pre-11 September budget levels, with yields returning to normal soon after.

Concurrently, management implemented a series of cost reduction measures, many of which are permanent, for example, reduced marketing costs and numerous contract renegotiations. These actions resulted in the half-year profit before operations performance reaching break-even against a £(7.0) million loss in the same period last year. There was no reduction in any expenditure that would have affected our high standards of safety, which is the number one priority of Go.

Throughout the year, Go operated an average of 17.3 aircraft on operating leases. We flew 54% more sectors than in the previous year and carried 55% more passengers. Aircraft utilisation was 11 block hours daily with a peak of over 13 block hours in summer.

Customer satisfaction levels have been maintained at an industry leading 81% of customers rating Go`s service as either good or excellent. This has been achieved through hard performance standards such as punctuality and also through softer measures such as the speed, helpfulness and friendliness of Cabin Crew, Check-in and Telephone Sales Agents.

During the financial year ended March 2002, 72% of Go`s flights departed within 15 minutes of the scheduled time, which was more punctual than its major competitors.

As at 1 May 2002 Go operated on 39 routes serving 24 airports, including scheduled services from its bases at London Stansted, Bristol and East Midlands to airports in the United Kingdom and continental Europe.
From its London Stansted base, Go operates 21 routes to Alicante, Barcelona, Belfast, Bilbao, Bologna, Copenhagen, Edinburgh, Faro, Glasgow, Ibiza, Lyon (seasonal) Malaga, Milan, Munich, Naples, Newcastle, Nice, Palma, Prague, Rome, and Venice.
From Bristol International Go serves 10 routes to Alicante, Barcelona, Belfast, Edinburgh, Faro, Glasgow, Malaga, Nice, Palma and Prague.
In March 2002 Go started flying from its East Midlands base to Alicante, Edinburgh, Malaga, and Prague, with routes to Faro and Glasgow starting in May 2002.
Go.s schedule for summer 2002 increased frequency on routes to Alicante, Barcelona, Faro, Malaga, Nice and Palma de Mallorca.

As at 8 May 2002, Go had 25 Boeing 737-300`s.


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