Boss Jozsef Varadi on Thursday (3 August) confirmed Wizz would grow capacity in available seat kilometres by 25% during its first half (six months to 30 September) rather than by 30%. Varadi said 12 engine inspections due over the coming months had contributed to the situation.
Nonetheless, Varadi insisted summer was "going well" operationally and from a revenue perspective, adding that the 5% adjustment would give Wizz an opportunity to drive better yield amid "ongoing market constraints on capacity".
Wizz flew 15.3 million passengers during its first-quarter (three months to 30 June) on an improved load factor of 91.2%, a quarter in the carrier returned to profit. Load factor in Q1 last year was 84.7%.
Off the back of €1.24 billion revenue, up from €808 million a year earlier, Wizz generated an operating profit of €79.9 million and a net profit of €61.1 million, up from a €452.2 net loss during Q1 last year.
Varadi said Wizz was increasingly confident of delivering a full-year net profit of between €350 million and €400 million as per its guidance.
Wizz ended the quarter with a fleet of 182 aircraft, up 16% from 157 at the end of Q1 last year – more than half of which are new generation Airbus models.
It is on track to take delivery of a further 32 new Airbus A321neo aircraft by the end of its 2024 full-year, and on Thursday also confirmed an order for another 75 A321neo aircraft, growing its neo order with Airbus to more than 350 and its total order book to more than 550.
Conspicuous by its absence from Wizz’s results announcement was any further commentary on the undertakings it signed with the UK Civil Aviation Authority last month, binding it to a commitment to make improvements to how it handles customers claims and care.
Wizz last week admitted systematic failings, and has been ordered by the CAA to review all claims made by passengers with regards to flights departing from or arriving into UK airports on or after 18 March 2022.
Any passengers with claims during the six year period to 18 March 2022 can request their case be reopened and re-examined if they feel it wasn’t handled fairly or correctly.
The CAA will monitor Wizz’s performance against its undertakings over the coming months, and will review a sample of the claims re-examined by Wizz. If it is found not to be honouring the letter or spirit of its commitments, the CAA has pledged to take Wizz to court.
