Wizz Air, a European low-cost airline, is predicting a profit for the current fiscal year. The airline is confident that strong bookings, a big investment in its operations, and a growing fleet will help it avoid the travel snags of last summer.
Wizz Air's forecast of a net profit of 350 million to 450 million euros is better than the consensus outlook of 343 million euros. The airline's shares rose 3% to 2,838 pence on the news. Wizz Air's chief executive, Jozsef Varadi, said the airline was better prepared for this summer than it was last year. He said the airline had invested hundreds of millions of euros in making its operating model more resilient. This included investing in more spare aircraft, spare parts, extra pilots, and cabin crew.
Wizz Air is also seeing strong bookings and higher fares for summer. The airline is set to receive 30 new A321neo aircraft from Airbus by April 2024. Varadi said he was confident that the aircraft would arrive despite supply chain issues.
Overall, Wizz Air is optimistic about its prospects for the current fiscal year. The airline is well-positioned to benefit from the strong demand for air travel, and it has taken steps to avoid the problems that plagued it last summer.