Hungarian low-cost carrier Wizz Air has issued unaudited results for the six months to 30 September 2023.
Headline figures include a record profit for the period of €400.7 million, with Q2 five times higher year-on-year. Traffic also increased to 33 million passengers, again a record for the airline.
The good results come despite Wizz Air facing the same headwinds as it’s competitors, such as war in Europe, baggage handling strikes across the continent, air traffic control meltdown in the UK and aircraft grounded due to the need for GTF engine inspections.
In addition to the headline figures, unit revenue (RASK) was +9.6 per cent higher year on year; ticket RASK +17.4 per cent while the total cash balance is at €1.8 billion, reflecting larger selling volumes and strong cash management.
Load factor recovered to 92.6% having dropped to 86.9% in the previous reporting period.
József Váradi, Wizz Air Chief Executive, commented on business developments in the period: “This summer we delivered significantly improved operational performance compared to last year. There were fewer flight cancellations, and overall fleet utilisation and productivity increased year on year. Our revenue and
profit results reflect the higher volumes we now operate and the enormous amount of work and investment
over the past three years.
“In the first half, we saw very strong load factor recovery, as demand remained robust, including in new markets that are maturing steadily and where we continue to add frequencies and improve our schedule. The Middle East route network is tracking a similar maturity profile to the development of our CEE network, supporting our decision to continue to invest in, add to and evolve capacity there. Our wider fleet allocation programme remains active, and in addition to our expanded flying programme this winter, we have announced a summer 2024 expansion to Romania, Italy and Albania, operating new A321neo aircraft.
The security of our Airbus order book continues to be the backbone of our planned capacity growth and fleet renewal programme. The initial GTF powder metal engine inspection requirements had minimal impact on our operational capacity, and we are taking measures to mitigate the impact of further inspections, including higher utilisation from our existing fleet, aircraft lease extensions and continued new aircraft deliveries,” he concluded.