Hungarian low-cost airline Wizz Air (WIZZ) has delivered a record €246m profit in the year to 31 March, representing a rise of 27.5%.
The airline also guides for net profit over its new financial year of between €250m and €270m, helping to generate strong interest from investors and sending the share price 11.4% higher to €21.67.
More people are using the airline as its passenger numbers are up by nearly a fifth to 23.8m, while the load factor has increased from 88.2% to 90.1% over the same period. That represents the percentage of available seats on its scheduled flights being occupied by passengers.
Wizz Air wants to boost its capacity by approximately 23% and carry nearly 30m passengers over the next year.
Panmure Gordon analyst Mark Irvine-Fortescue is confident in the company’s ability to deliver medium-term growth.
He says: ‘Wizz Air has enjoyed a strong start to the year, helped by Easter, and sees no signs of demand weakness on routes to/from the UK post-referendum.’
