Wizz Air reports FY18 annual results

Eleanor Steed
By Eleanor Steed May 30, 2018 16:48

Wizz Air reports FY18 annual results

Wizz Air total revenue for the 12 months to end March 2018 rose by 24% to €1.948bn. Ticket revenue rose by 23.7% to €1.132bn, with ancillary revenue up by 24.4% to €816 million, representing 42% of total revenue. Net profit grew by 22.1% to €275 million (compared to underlying profit in FY17). Net profit margin was 14.1% on the back of a 25% increase in passenger numbers and 1.3 percentage point increase in load factors to 91.3%.

Total cash at the end of March 2018 was €1.142bn of which €980 million was free cash.

During the fiscal year, Wizz Air expanded its fleet to 93 aircraft, a mix of 67 A320ceos and 26 A321ceos. The average aircraft age of the fleet is 4.6 years. The airline has 146 additional Airbus A320neo family aircraft on order, which are delivering until 2026.

Commenting on the results, József Váradi, Wizz Air’s Chief Executive Officer said: “A backdrop of high economic growth rates across the CEE and the opportunities created by Wizz Air’s ultra-low fares underpins our business which has seen revenues increase by 24% and net profit of a record €275m an increase of 22% year on year.  Our cost focus, market leading position in CEE, pipeline of truly game changing Airbus A320neo family technology and balance sheet strength, as reflected in our recently awarded investment grade credit ratings, are the strongest of foundations for Wizz Air to continue to drive profitable growth and achieve one of the best profit margins of all European airlines, ensuring Wizz Air remains one of the most exciting airline businesses in the world.”

Váradi expressed his confidence for the next financial year stating that higher fuel prices are supporting a stronger fare environment and “we expect these macro conditions to provide Wizz Air with market share opportunities as weaker carriers withdraw unprofitable capacity.  Our ability to drive cost advantage further and offer lower fares across our ever expanding network will lead to an expected 20% increase in passenger numbers to 36 million in FY 2019.”

Eleanor Steed
By Eleanor Steed May 30, 2018 16:48