Wizz Air has announced it has seen profits of €400 million for the six months to September 2023, carrying a total of 33 million passengers during this period.
The low-cost airline’s results show it has returned to the black, as in the same period in 2022 the company recorded a loss of €384.3m and passenger numbers stood at 26.5 million.
However, the airline has narrowed its full year profit guidance to a range of €350-400m, down from €350-€450m.
Wizz Air also confirmed its Israel flights will remain suspended until the end of November, adding that they account for 5-6% of its capacity.
Wizz Air Chief Executive József Váradi, commented on the period: “This summer we delivered significantly improved operational performance compared to last year. There were fewer flight cancellations, and overall fleet utilisation and productivity increased year on year. Our revenue and profit results reflect the higher volumes we now operate and the enormous amount of work and investment over the past three years.”
For next year, Wizz Air has announced summer expansion to Romania, Italy and Albania, and will take delivery of 21 Airbus 321neo aircraft by end of 2024.
Talking about the forthcoming year, József added: “We continue to see positive bookings in Q3, with selling load factors exceeding last year’s levels by single digit percentage points. We estimate overall H2 ASK capacity will be circa 20 per cent higher year on year, despite the number of GTF engines needing off-wing inspection in the period. This figure still represents industry-leading capacity growth and is a further testament to the Company’s ability to overcome adverse external factors
“We are narrowing our F24 net income guidance, initially set in June 2023, to a range of EUR 350-400 million. This guidance reflects our expectations for H2 F24 in the context of the ongoing macro environment uncertainty and continuing difficult operating conditions, from an infrastructure and security perspective.
“Our continued ability to manage the impact of complicated issues gives us the confidence that Wizz Air has the strategy and expertise to achieve our profitable growth ambitions.”
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The low-cost airline’s results show it has returned to the black, as in the same period in 2022 the company recorded a loss of €384.3m and passenger numbers stood at 26.5 million.
However, the airline has narrowed its full year profit guidance to a range of €350-400m, down from €350-€450m.
Wizz Air also confirmed its Israel flights will remain suspended until the end of November, adding that they account for 5-6% of its capacity.
Wizz Air Chief Executive József Váradi, commented on the period: “This summer we delivered significantly improved operational performance compared to last year. There were fewer flight cancellations, and overall fleet utilisation and productivity increased year on year. Our revenue and profit results reflect the higher volumes we now operate and the enormous amount of work and investment over the past three years.”
For next year, Wizz Air has announced summer expansion to Romania, Italy and Albania, and will take delivery of 21 Airbus 321neo aircraft by end of 2024.
Talking about the forthcoming year, József added: “We continue to see positive bookings in Q3, with selling load factors exceeding last year’s levels by single digit percentage points. We estimate overall H2 ASK capacity will be circa 20 per cent higher year on year, despite the number of GTF engines needing off-wing inspection in the period. This figure still represents industry-leading capacity growth and is a further testament to the Company’s ability to overcome adverse external factors
“We are narrowing our F24 net income guidance, initially set in June 2023, to a range of EUR 350-400 million. This guidance reflects our expectations for H2 F24 in the context of the ongoing macro environment uncertainty and continuing difficult operating conditions, from an infrastructure and security perspective.
“Our continued ability to manage the impact of complicated issues gives us the confidence that Wizz Air has the strategy and expertise to achieve our profitable growth ambitions.”
The post Wizz Air sees €400m profits thanks to strong passenger numbers appeared first on Travel Gossip.
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