Wizz Air reports ‘positive booking momentum’ for summer

Wizz Air carried a record 62 million passengers in the past financial year – up from 51.1 million last year – amid “healthy demand”.

The budget carrier also reported “sustained demand and positive booking momentum for the summer”.

Its results for the year to March 31, 2024, confirmed the airline is back in the black, with a profit of €365.9 million, compared to a loss of €535.1 million in the year before.

The statement noted that the revenue impact from the crisis in Israel and the wider region was about €80 million.

More: Wizz Air returns to annual profit despite engine recalls and Gaza conflict

József Váradi, Wizz Air chief executive, said: “Sustained healthy demand for air travel across our markets was a defining feature of F24, signalling that the surge witnessed post-pandemic has evolved into a longer-term trend in consumer behaviour.

“Wizz Air has been strongly positioned for this trend as reflected in our performance for the year.

“Our efforts saw us carry a record number of passengers during the year, return to profitability and reduce financial leverage while maintaining our total cash position.

“We responded rapidly to challenges during the year by flexing resources and commercial arrangements, and quickly redeploying capacity where needed, as renewed geopolitical instability emerged.”

He said challenges, such as the geopolitical instability and aircraft groundings due to GTF engine inspections, are expected to continue this year but added: “We have proven that our model is agile, highly resilient and well positioned to mitigate the impact of these ongoing issues.

“While our capacity expectations for the year have been moderated in response to these changes in the operating environment, new aircraft deliveries persist, and our efforts to drive productivity and utilisation continue to deliver results.

“As we enter F25, demand for air travel remains robust, with no sign of abating in the near term, supporting a higher yield environment as capacity across the whole industry remains constrained.

“Our current trading indicators are positive.”

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