Wizz Air lifts FY profit guidance after record first half
Low-cost Hungarian airline Wizz Air said on Wednesday that it was lifting its profit outlook following record first-half results, with “robust” trading across all of the group’s markets.
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In the six months to the end of September, net profit rose 25% to a record €288.6m, with revenue also up 25% to €1.15bn, as passenger numbers increased to 15.6m from 12.5m in the same period a year ago. Tickets revenues were up 21% to €685.1m, while ancillary revenues grew 31% to €464.3m.
Given the strong first half performance and encouraging third-quarter bookings, Wizz now expects full-year net profit of between €265m and €280m, up from a previous range of €250m to €270m.
Chief executive officer József Váradi said: “Our network, routes and bases continued to expand rapidly to meet the demand from our core Central and Eastern European markets, highlighting the continued significant growth opportunity for the company in the region. In the first half of FY18, we announced 57 new routes taking our network to over 550 routes to/from 28 bases in 43 countries, further securing our position as Central and Eastern Europe's leading low cost carrier. We have continued to grow our fleet, with the addition of six Airbus A321ceo and one A320ceo aircraft as well as strengthening our delivery stream with an additional order for 10 A321ceo to be delivered in 2018 and 2019.
“Customer satisfaction and innovation remains at the forefront of our strategy and in the first half we announced the removal of our 'paid for' cabin bag policy and introduced the 'fare-lock' and 'Flexible Partner' products.”