Wizz Air lifted by annual results

FTSE 250 airline Wizz Air (LON:WIZZ) saw its shares rise by 6.72% to 3,654p (as of 14:30 BST) after posting results for the year ended 31st March. Revenues grew by 19.1% over the 12 months as passenger numbers increased by 19.1%, but the revenue gains were largely driven by ancillary revenues which were up by 31.5%.

Regarding the ongoing pandemic situation, CEO József Váradi commented: “We have taken various initiatives during the COVID-19 pandemic to safeguard the Company’s cost position and excellent balance sheet with €1.5 billion of cash, one of the strongest in the airline industry. We remain focused on best servicing our markets, while protecting the health of customers and employees. Our new health and safety protocol is designed to ensure that our customers and crew can fly safely during this unprecedented time for the global aviation industry.

“In addition, we are taking advantage of arising market opportunities and have recently announced the expansion of our network with new bases in Albania, Cyprus, Italy and Ukraine, with more exciting developments to come. We are confident that we can ramp up operations quickly, re-stimulate demand with our ultra-low fares and contribute to the vital recovery of travel and tourism in our markets.

“It is too early to provide a detailed outlook for FY21 due to the ongoing uncertainty caused by COVID-19. However, Wizz Air’s market positioning and our ever-disciplined attitude to cost mean that we will emerge from this crisis as an even more formidable business and will continue to deliver significant shareholder value, environmental benefits and employment opportunities for years to come“.