Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Budget airline Wizz Air reported a 42% rise in first-quarter profit despite higher fuel prices and raised its full-year capacity outlook on the back of the strong quarter and encouraging summer trading.
For the first three months to 30 June 2019, the company reported net profit of €72.4m and posted a 25.4% increase in revenue to €691.2m. Earnings, meanwhile, climbed 21.9% at €187.2m.
The increases came as the company saw the number of passengers carried climb, with numbers up 20.1% to 10.4m in the first quarter.
'We remain optimistic for the current financial year. Higher fuel prices are supporting a stronger fare environment as weaker carriers withdraw unprofitable capacity and, as a consequence, Wizz Air raised its full-year capacity growth rate from 16% to 20%,' said Jozsef Varadi, chief executive.
'Notwithstanding this faster pace of growth, we are confident to reconfirm our full-year guidance of €320 to €350 million net profit for the year,' he added.