The carrier said that challenging conditions in the continent’s aviation industry had gone on longer than expected.

Fastjet said that it had sufficient cash to meet its operational requirements, while also taking measures to manage operating costs. It is planning to cut capacity and rationalise its route network.

In order to provide additional headroom and fund future growth, fastjet may look to raise additional funds during the year.

“The company remains confident in its low-cost airline model and is well positioned to capture the significant growth potential of the developing African aviation market,” the company said.

Fastjet has been beset by a series of problems in recent months.

Route launches in Zimbabwe and Zambia were delayed and chief executive Ed Winter announced his decision to stand down.

Co-founder and shareholder Sir Stelios Haji-Ioannou wrote to chairman Colin Child last month calling for the immediate dismissal of Winter and another board member.

Shares in the Aim-listed company dropped to 41p in early trading, having closed at 67p on Friday.