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Wizz Air capacity wiped out by 97%, sacks 1,000 workers

Statutory profit for the financial year ended last month is expected to be €270-280mln

Wizz Air Holdings - Wizz Air capacity wiped out by 97%, 1,000 workers are let go

Wizz Air Holdings PLC (LON:WIZZ) has announced it is currently operating at 3% of pre-pandemic capacity, as worldwide lockdown measures hit the travel industry.

The low-cost airline has sacked 1,000 people, or 19% of its workforce, to save cash.

READ: Wizz Air cuts capacity by a third in March due to travel restrictions

For the whole of 2021, senior management will take a 22% pay cut while salaries of pilots, cabin crew and office staff will be reduced by 14%.

The firm still expects to grow capacity by an average of 15% annually and said the launch of operations in Abu Dhabi is progressing in line with the initial timeline.

As of the end of March, the budget carrier had €1.5bn in the bank.

Statutory profit for the financial year ended last month is expected to be €270-280mln, factoring in quarterly hedging losses of €70-80mln.

Shares dipped 1% to 2,722p on Tuesday morning.

Quick facts: Wizz Air Holdings

Price: 4384 GBX

AIM:WIZZ
Market: AIM
Market Cap: £4.51 billion
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