Wizz Air Holdings PLC (AIM:WIZZ) said it expects to return to the black in the current year following strong trading in the first quarter.
The forecast accompanied results for the 12 months to 31 March 2023, which saw the European airline achieve record revenues, although “fuel price increases and structural capacity issues” remained features throughout the year.
Revenues more than doubled to €3.8bn from €1.66bn, aided by an increase in passengers carried to 51mln from 27mln, a statement said. Revenue per available seat kilometre (RASK) jumped by 33.7%, while Wizz Air had a load factor of 87.8%, up from 78.1%.
On an adjusted underlying earnings (EBITDA) basis, the airline swung to a profit of €134mln from a loss of €23.3mln.
However, Wizz Air still reported an operating loss of €466.8mln, deepening from €465.3mln last year, while the net loss narrowed to €535.1mln from €642.5mln.
Looking ahead to financial year 2024, the London-listed firm expects load factors of above 90%, which it has already achieved in the first quarter of this year, as well as net profit in the range of €350mln to €450mln.
“We are now well placed to continue to drive profitable growth through the rest of the decade and beyond,” said CEO József Váradi.
“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."