Wizz Air confident on current year as net profit rises 6%
Wizz Air Holdings
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09:39 29/04/24
Central and Eastern-European low cost airline Wizz Air said it was optimistic for the year ahead and would increase net profits after reporting full-year results in line with expectations.
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Wizz Air on Friday said it expected net profit in the range of €320m - €350m in the current financial year, after posting a 6% rise in net profit to €292m (£257m) in the 12 months to March 31.
Revenue increased 20% to €2.3bn as the airline carried 34m passengers, a rise of 16.7%, and forecast a 17% increase to 40m in the current year.
“Higher fuel prices are supporting a stronger fare environment and we expect these macro conditions to provide Wizz Air with market share opportunities as weaker carriers withdraw unprofitable capacity, said chief executive Jozsef Varadi.
“We remain very optimistic for the current financial year.”
Varadi said the company expected another “very challenging operating environment” as air traffic control strikes and airport infrastructure issues showed no sign of improving.
“To counter these issues the company has implemented a number of initiatives designed to improve our operations and customer experience which includes re-affirming our full year 2020 aircraft delivery schedule with Airbus, additional capacity in our schedule during the peak summer months and changing our cabin bag policy which will improve boarding times,” he said.