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Annual Results

Wizz Air lifts FY profit

25 May 2017 09:32

Wizz Air has improved its FY IFRS profit to €246m, up from €193m.

Load factor for the year was 90.1%, from 88.2%. It carried 23.8m passengers, from 20.0m. Revenue was €1.57bn, up from €1.43bn.

CEO Jozsef Varadi said Wizz continued to drive its cost base lower to maintain one of the highest profit margins of any European carrier.

"We continue to increase the number of brand-new A321ceo which we operate, with the type making up a quarter of our seat capacity at the end of March 2017 and delivering the anticipated double digit cost savings compared to A320ceo aircraft which gives us a clear cost advantage compared to most of our rivals," he said.

Varadi said growth would continue as a top priority for Wizz and that it planned to increase capacity by about 23% and carry nearly 30m passengers in FY 2018.

"We had a strong start to FY2018 due to the timing of Easter which leaves us optimistic for the year ahead and Group net profit is currently expected to be in a range between €250m and €270m in FY2018.

"This guidance is heavily caveated by the revenue performance for the all-important summer period as well as the second half of FY2018, a period for which we currently have limited visibility."

At 9:32am: (LON:WIZZ) Wizz Air Holdings Plc share price was +210p at 2156p

Story provided by StockMarketWire.com

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