Wizz Air Q1 profit, revenue rise after strong Easter
Wizz Air reported a 15.6% jump in first-quarter pre-tax profit on Wednesday as revenue rose, partly thanks to a strong performance over Easter.
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In the three months to the end of June, revenue increased 28.6% to €469.3m while pre-tax profit grew to €60.5m.
Passenger numbers in the first quarter rose by 25% to 7.2m and Wizz said it was guiding towards the higher end of a full-year net profit guidance range of between €250m and €270m.
Chief executive József Váradi said: "The company experienced a particularly strong performance from Easter traffic in the first quarter. Our ultra-low cost base allows us to offer the lowest fares and that continues to stimulate the market for air travel in Central and Eastern Europe and, as economic growth in the region continues to push ahead of Western Europe, ever more customers take the opportunity to fly with Wizz Air.
"This first quarter performance together with encouraging summer bookings and the favourable fuel price environment are setting the Company up for a strong year. However, as we have seen in recent history, airlines tend to compete away the benefit of lower fuel prices with extra capacity and therefore we remain cautious on the prevailing yield environment in the second half of this financial year, a period in which the Company has very limited visibility."
Also on Wednesday, Wizz announced the appointment of Stephen Jones as its executive vice president and deputy chief executive officer. He will take up his appointment in the latter part of this year.