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Wizz Air warns of challenging winter as lockdowns sweep across Europe
Wizz Air has insisted it will not cut jobs despite a half year loss of €243 million and a warning that it faced a ‘particularly challenging’ winter.
The budget carrier reported a 71% decline in passenger numbers for the six months to September 30, falling from 22.1m to 6.5m, with revenue tumbling 72% to €471m.
The airline said it has a cash balance of €1.6 billion and was well positioned to respond when trading conditions improve.
But Chief Executive József Varadi conceded it faced a tough few months and warned that ‘cash positive flying could be minimal’ over winter.
"During the winter period, we expect conditions to be particularly challenging with ongoing travel restrictions due to Covid-19 as well as the seasonal drop in demand for travel," Varadi. "We will continue to focus on cost management and strive to maintain cash-positive flying with a disciplined approach towards capacity."
Despite the financial loss and bleak outlook, Varadi said it would not cut jobs.
"Notwithstanding the challenges that lie ahead of us during the remainder of this fiscal year, we have laid the foundation for a swift recovery," he said.
"In addition to expanding into new markets, we intend to retain all our current staff base and thereby generate a head start for when demand returns. We are confident we will emerge as a structural winner, enabling Wizz Air to grow profitably in the years to come."
The airline claimed it ‘distinctly outperformed the industry’ in the second quarter of the financial year, operating 72% of its 2019 capacity with a load factor of 66%.
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