The Wizz Air Holdings PLC (LON: WIZZ) share price rose 4.97% after the final earnings results for the 2023 financial year ended on 31 March 2023. The company generated revenues worth €3,895.7 million, marking a significant increase of 134.2% from the €1,663.4 million revenues generated in the 2022 fiscal year.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
Investors reacted positively to the news, as evidenced by the spike higher, but Wizz shares had given up a significant chunk of their gains at the time of writing. The budget airline also reported an increase in pretax profits to €134.3 million compared to a pretax loss of €23.3 million in the 2022 fiscal year.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Wizz Air also reported significant operational milestones, such as its industry-leading capacity increase, where it operated 76% more Available Seats per Kilometre (ASKs) versus 2022, which marked a 40% increase from its fiscal 2020 year before the COVID-19 pandemic struck.
The budget airline also noted that it was affected by fuel price increases and structural capacity issues at airports throughout the year. Still, the company improved its ex-fuel cost performance through decisive actions that lowered its ex-fuel cost per available seat kilometre (CASK) by 8%.
Wizz Air also revealed that its strategy of continued focus on its core CEE network, Western Europe and the Middle East helped deliver record revenues generated in the 2023 fiscal year. The airline also increased its load factor to an average of 92.2% in the financial year's final month, contributing to higher revenues.
József Váradi, the Wizz Air Group CEO, commented: “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 utilisation, 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, and deploying a systematic fuel and currency hedging program.”
*This is not investment advice.
Wizz Air share price.
The Wizz Air share price rose 4.97% to trade at 2925.5p, from Wednesday’s closing price of 2787.0p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.