Wizz Air profit to hit upper end of guidance

Writer, Stock Market Wire
Tuesday, April 2, 2019 - 09:10

Wizz Air announced it expects to deliver a net profit for the year ending 31 March in the upper half of its guidance range of between €270m and €300m.

Demand across the company's markets remains robust as demonstrated by our March 2019 traffic statistics issued this morning with load factors up a healthy 2.6ppts to 94.1% year-on-year.

The company also experienced an excellent operational performance in March with only one cancelled flight compared to 68 in March 2018 and on-time-performance also improved by 10ppts to 85%.

The new financial year started well with revenue per available seat per kilometre (RASK) forecast +4% year-on-year in the first quarter on 18% ASK growth.

This revenue performance was driven by the strength in the company's ancillary revenues which is expected to continue into the summer and also the timing of Easter.

Wizz Air says cost discipline remains at the heart of its business model and ex-fuel CASK in the first quarter will be broadly flat year-on-year.

The company successfully took delivery of its first two game-changing Airbus A321 NEO aircraft taking its fleet to 112 aircraft as at 31 March 2019.

The continued rollout of these larger and more fuel efficient aircraft which combined with the Company's industry leading unit costs, a highly valued employee base and investment grade balance sheet makes Wizz Air a structural winner in the European airline industry.

The company will issue its preliminary results for the year to 31 March 2019 on 31 May 2019 at which point will provide full year guidance for FY20 as well as an outlook for summer trading.

At 9:10am: (LON:WIZZ) Wizz Air Holdings Plc share price was +117p at 2997p

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