Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
Shares of Wizz Air Holdings PLC (LON: WIZZ) rallied higher to recover this morning’s losses after the budget carrier reported a net loss of €243.1 million for the six months to September 30
The Hungary-based firm said it saw passenger numbers crash by 70% amid travel restrictions and lockdowns. In its second quarter, Wizz flew 5.8 million passengers at 66% load factor and 72% of last year’s capacity to “distinctly outperformed the industry,” according to CEO József Váradi.
In October, the number of passengers dropped 69% to 1.1 million compared to a year ago, with capacity down 55% and a load factor of 66%.
The company expects to burn through a €70 million per month, which shouldn’t create huge problems given the strong liquidity. At the end of the reporting period, Wizz Air had a total of €1.6 billion of cash.
“During the first half of the financial year, we demonstrated outstanding agility and invested in long-term market opportunities: we announced 13 new bases since the beginning of the fiscal year, and added more than 260 new routes,” Váradi said in a statement.
Wizz Air share price fell almost 5% in the morning before recovering to trade only 0.17% in the red at 3486p.
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