Wizz Air looks towards recovery from another turbulent year
Low cost airline Wizz Air says it expects a reported net loss of between €652/£542m to €632m/£525m for the financial year ending 31st March 2022 (F22).
The company’s operating result for quarter four F22 is expected to be in the range of a €210/£175m to €190m/£158m loss, ahead of the guidance provided in the third quarter behind a stronger trading environment.
But earlier this month, the business confirmed it was reducing scheduled flights from DSA due to “operational challenges,” despite the move provoking complaints from customers.
For the start of the year ending 31 March 2023, Wizz Air says it is on track to ramp-up its operations and crewing for what it anticipates will be a busy summer flying programme.
Its trading update notes: “We have been encouraged by demand trends in recent weeks and given the shorter booking horizon expect the bookings for this summer to build significantly after Easter.”
József Váradi, Wizz Air chief executive, said: “Distressingly, the war in Ukraine dented demand for air travel and destabilised commodity prices across the globe.
“Despite these developments we are starting to see recovery take shape as we move closer to the summer of 2022.
“The strength of Wizz Air’s diversified and expanded network in combination with the most efficient fleet of aircraft, will allow the pre-COVID-19 cost structure to be achieved – and in this industry lowest cost prevails.”