Wizz Air has reported a fiscal full-year net loss of €535.1 million or (€5.07) per diluted share on a year-over-year increase in revenue of 134.2 percent to €3.90 billion. At March 31, 2023, the carrier had €1.53 billion in cash and cash equivalents.
On Thursday (June 8, 2023), Wizz Air Holdings PLC reported their fiscal full year (F23) financial results for the period ending March 31, 2023. The Group reported a F23 net loss of €535.1 million or (€5.07) per basic diluted share on a year-over-year increase in revenue of 134.2 percent to €3.90 billion. Wizz Air’s F23 revenue per available seat kilometer (RASK) increased 33.7 percent compared to F22 to 3.98 euro cents, while costs per available seat kilometer excluding fuel (CASK-ex) increased 8.2 percent to 2.58 euro cents. At March 31, 2023, Wizz Air had cash and cash equivalents totaling €1.53 billion.
In Thursday’s announcement, Wizz Air Group’s Chief Executive Officer, József Váradi, said,
“As we look ahead, we are optimistic for the current financial year and our focus continues to be on returning to net profit in F24. This will be driven by low cost, operational excellence, including continued high aircraft utilization, productivity improvements and increased flight completion factors. We are confident in delivering this having spent much of the last year building an even better and operationally more resilient business, investing in our people, operations, and network, as well as now deploying a systematic fuel and currency hedging program.
“In F24 we look forward to becoming an employer of +8,000 people and an airline of +200 aircraft, with 63 per cent share of NEOs and a fleet with an average seat count of 226, one of the highest in the world in the narrow-body aircraft segment. The demand for our services remains very strong across our network, especially in our traditional CEE markets, where we have scaled up, while continuing to make significant progress in Western Europe. We continue to innovate in terms of our geographic network coverage and the opportunity in the Middle East remains incredibly exciting with nine aircraft deployed to date and our plan is to reach 16 over the next twelve months.
“Wizz Air expects ASK capacity to grow +30% year-on-year in F24, with current expectations of H1 and H2 growth rates at similar levels. This will again be the top growth rate for any of the major European airlines, with our ex-fuel unit cost expected to continue to decline year on year. Trading performance has been strong in the first fiscal quarter with attractive pricing and load factors above 90 per cent. For fiscal quarter two, average fares per passenger (combined ticket and ancillary) are also trending higher versus the same period last year.
“The Company's net profit is expected to be in a range between €350 and €450 million in F24, subject to the absence of adverse exogenous events such as an incremental impact from the war in Ukraine, delivery delays, or similar. This guidance is dependent on the revenue performance for the all-important summer period as well as the second half of F24, a period for which the Company, like most airlines, currently has limited visibility.
“We are now well placed to continue to drive profitable growth through the rest of the decade and beyond. The airline industry remains exposed to externalities such as air traffic control disruptions and continuing operational issues within the airports sector, but today we are a more resilient business and expect this year to deliver a new set of record operational and strong financial results.”
Wizz Air Group's Fiscal Year 2023 (F23) Financial Results - Courtesy Wizz Air
During the 12 month period ending March 31, 2023, Wizz Air took delivery of 25 new Airbus A321neos, and returned nine Airbus A320ceos, ending the fiscal year with a fleet of 179 aircraft. At the close of the financial year, Wizz Air’s fleet included 50 Airbus A320ceos, 41 A321ceos, sic A320neos and 82 A321neos, with an average age of 4.6 years. At the close of F23, the airline’s delivery backlog included firm orders for 13 A320neos, 305 A321neos and 47 A321XLRs, for a total of 365 aircraft. During the current fiscal year (F24), Wizz expects to take delivery of 42 A321neos, while returning sixteen A320ceos.
Budapest, Hungary-based Wizz Air is the fastest growing European low-cost carrier (LCC) and operates an all Airbus A320 and A321 fleet of 179 aircraft. Wizz Air is the largest LCC in Central and Eastern Europe and offering over 1,100 routes to/from 51 countries. During FY 23 (ending March 31, 2023) the airline served approximately 51.1 million guests. Wizz Air offers superior guest service at exceptionally low fares. Shares in the company trade on the London Stock Exchange under the ticker symbol WIZZ.
Source: Wizz Air
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