Company
LON:WIZZ
Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 66 Airbus A320 and Airbus A321 aircraft, and offers more than 420 routes from 24 bases, connecting 119 destinations across 38 countries. At Wizz Air, a team of approximately 2,600 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of 19.7 million passengers in the last 12 months. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices.
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The budget carrier said potential additional travel restrictions and social distancing policies from national governments “may make international flying for commercial purposes either untenable or impossible” in the coming weeks
The coronavirus outbreak has dragged down the travel sector in Europe
“Today marks an important milestone on the way to establishing our new airline in Abu Dhabi”
“Wizz Air also confirms that the current trading conditions continue to be favourable with a relatively benign competitive environment, stable fuel prices and a positive yield environment”
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The Fed is widely expected to hold fire on interest rates, although analysts are predicting that at least one rate cut this year highly likely
Wizz Air Abu Dhabi is expected to launch in the second half of 2020 and is set to reach 5bn customers across Europe, the Indian subcontinent, Middle East and Africa
Shares rose at both budget airlines after both reported decent passenger growth over the last month
The low-cost airline said 77% of projected jet fuel requirements were covered for the current financial year to March
"The agreement with Wizz Air is another significant milestone in the development of the UK's fastest-growing airport, London Southend Airport,” said chief executive Warwick Brady.
The airline took delivery of a brand new Airbus 321neo aircraft in July, increasing the size of its fleet to 115 aircraft.
Investments and investor services
The budget airline reaffirmed its guidance for full-year net profit but cut its estimate for revenue per seat kilometre
The German carrier said that market-wide overcapacities and the aggressive growth of low-cost competitors were putting pressure on the European short-haul market
The budget airline plans cut its CO2 emissions by one third for every passenger over the next decade.
For the 2020 financial year, the group expects net profit to rise to between €320mln and €350mln.
Investments and investor services
The Dow Jones suffered a 300 point fall in the first half hour of trading
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The day ahead includes full-year results from Wizz Air and Charles Stanley
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The shortened trading Week Ahead will only bring updates from the likes of second-liners FirstGroup, Pennon, Wizz Air, and Daily Mail & General Trust
Ryanair reported 13.5mln passengers across its group during the month, up 10% year-on year, while Wizz Air reported that its passenger numbers had risen 19% to 2.7mln
For the financial year ended 31 March 2019, Wizz said it expected net profits to be in the “upper half” of its guidance range of between €270mln-€300mln
“EasyJet’s warning about softer ticket prices has sent shockwaves across the airline industry ...” said AJ Bell's Russ Mould
