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☆ Wizz Air CEO says manufacturers and regulators 'need to do a better job' scrutinising new technology
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWizz Air CEO says manufacturers and regulators 'need to do a better job' scrutinising new technologyJózsef Váradi, CEO of European airline Wizz Air, discusses the broader industry and its third-quarter earnings.

Organizations: Wizz, Wizz Air

☆ Wizz Air narrows profit forecast on difficult operating conditions
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Wizz Air's aircraft is parked on the tarmac at Ferenc Liszt International Airport in Budapest, Hungary, August 18, 2022. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsNov 9 (Reuters) - European budget carrier Wizz Air (WIZZ.L) on Thursday narrowed its annual profit forecast below analyst expectations, citing continuing macroeconomic uncertainty and difficult operating conditions. Wizz Air was also one of the main airlines hit by issues with RTX (RTX.N) engines this year and had said it would face a capacity reduction as a result. That knocked its net income guidance for the financial year to between 350 million euros and 400 million euros ($374.7 million to $428.2 million), down from 350 million to 450 million euros. The budget carrier posted operating profit of 522.9 million euros ($559.8 million) for the six months to Sept. 30, compared with a loss of 63.8 million euros a year earlier.

Persons: Wizz, Bernadett Szabo, Jozsef Varadi, Varadi, RTX, Joanna Plucinska, Yadarisa, Savio D'Souza, David Goodman Organizations: Ferenc Liszt International, REUTERS, Wizz, Aerospace, Thomson Locations: Budapest, Hungary, London, Bengaluru

"Whenever we come up against Wizz, we tend to have significantly lower fares and have much lower costs," he said. As an example of the strategy, he cited Albania, where Ryanair plans to open 25 new routes this winter to take on Wizz (WIZZ.L) in its eastern European heartland. According to data analysis firm IBA, low-cost carriers have over 59% of the aviation market in Poland, up from 31% in 2021. He added that Buzz and Ryanair were mainly focused on regional airports, like Modlin outside Warsaw or Katowice near Krakow. Poland and eastern Europe's lighter regulatory requirements, lower environmental scrutiny and poor rail connections make them appealing markets by comparison.

Persons: Wizz, Michael O'Leary, Jozsef Varadi, Varadi, Jamie Lindsay, Michal Kaczmarzyk, Buzz, Dan Taylor, Kaczmarzyk, O'Leary, Tim Hepher, Mark Potter Organizations: Ryanair, WARSAW, Wizz Air, Reuters, Wizz, Artemis Investment, LLP, Chopin, IBA Insight, Thomson Locations: Poland, PRAGUE, Europe, Ireland, Italy, Albania, Hungary, Warsaw, Modlin, Katowice, Krakow, Polish, France, Ukraine, Poland's

International travel reached around 90% of pre-pandemic levels this year, according to the International Air Transport Association. Those trends lifted quarterly earnings of travel companies, with cruise operators like Royal Caribbean (RCL.N) reporting record results in recent weeks. Ticket prices, which in some cases have increased by double-digit percentages since the pandemic, are unlikely to plummet. She expects air fares on long-haul international routes to remain high until supply outpaces pre-pandemic levels, demand normalizes and jet fuel prices decline further. International inbound vs outbound in the U.S this yearAverage domestic airfare is currently $246 round-trip, down 8% from 2022, according to travel booking app Hopper.

Persons: Dan McKone, Amadeus, Jozsef Varadi, Hayley Berg, Hopper, that's, Glenn Fogel, Kathleen Oberg, Joanna Plucinska, Rajesh Kumar Singh, Doyinsola, David Gaffen, Matthew Lewis Organizations: International Air Transport Association, Consulting, Royal, Booking Holdings, Marriott, Lufthansa LHAG.DE, United Airlines, Wizz, Reuters, Holdings, International, U.S . National Travel, Tourism Office, British Airways, IAG, Thomson Locations: CHICAGO, Southern Europe, Britain, France, United States, Germany, Singapore, Royal Caribbean, Manila, Hong Kong, Taipei, Tokyo, Europe, Asia, COVID, U.S, Canada, London, Chicago, New York, Bengaluru

☆ Profitability is returning, says Wizz Air CEO
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProfitability is returning, says Wizz Air CEOJózsef Váradi, CEO of Wizz Air, discusses the company's results and how the sector is recovering from significant volatility.

Persons: József Váradi Organizations: Wizz

☆ Wizz Air says average fares up, bookings rise
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

LONDON, Jan 26 (Reuters) - Hungarian budget airline Wizz Air (WIZZ.L) said average fares for 2023 were higher than last year on booking volumes which were also ahead. The airline said its revenue more than doubled to 911.7 million euros ($994.3 million) in the three months to end-December, while passenger numbers increased 59% to 12.39 million. Chief Executive József Váradi said Wizz Air was continuing to see evidence of strength in ticket prices and ancillaries. "As we reach the end of January, we are seeing booking volumes coming in ahead of 2022, which is in line with expectations," he said on Thursday. ($1 = 0.9169 euros)Reporting by Sarah Young, Editing by Paul SandleOur Standards: The Thomson Reuters Trust Principles.

☆ Wizz Air sees strong summer, but more wary than rivals
▼ + stars: | 2023-01-26 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

[1/2] People stand next to a Wizz Air aircraft at Ferenc Liszt International Airport in Budapest, Hungary, August 18, 2022. Low cost rivals Ryanair (RYA.I), Europe's biggest airline, and Britain's easyJet (EZJ.L) have reported record bookings for summer holidays, in a sign that consumers are still keen on trips despite a looming recession. Asked if Wizz had seen the same, CEO József Váradi said: "Bookings are strong, but I don't want to get over-excited." Separately on Thursday, British airline and holiday group Jet2 (JET2.L) upgraded its annual profit forecast after strong demand for winter holidays and said bookings for the summer were encouraging. For the new financial year, Wizz will benefit from hedging and new capacity, forecasting growth of 25% to 30% this summer versus last, helping unit costs to improve.

☆ Ryanair expects to emerge as Europe's only major low-cost carrier
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, Nov 7 (Reuters) - Ryanair (RYA.I) on Monday predicted it would eventually become Europe's only major low-cost carrier, with Chief Executive Michael O'Leary claiming a widening gap on costs would make rivals easyJet (EZJ.L) and Wizz (WIZZ.L) takeover targets. "Europe is inexorably moving towards a similar out-turn as North America where you will have three very large, somewhat higher cost, high-fare connecting carriers, and one very large low cost carrier" in Ryanair, O'Leary said. Wizz chief executive Jozsef Varadi, who has always maintained his cost base is comparable to Ryanair's, last week said he did not see his airline as a takeover target. But he said the British airline was being forced by Ryanair to retreat in other markets like Italy and Portugal. Wizz, O'Leary said, was making progress with expansion in the Middle East but was retreating in the face of Ryanair expansion in some parts of its core central and eastern Europe region.

☆ Wizz Air eyes more growth, sees travel demand holding up
▼ + stars: | 2022-11-02 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

Wizz's upbeat forecast chimes with the outlook from other European airlines including British Airways-owner IAG (ICAG.L) and Lufthansa (LHAG.DE), which have all said they are seeing continued growth in ticket sales. Chief executive Jozsef Varadi said on Wednesday that bookings were holding up strongly: "So far we are seeing no indication of a drop in demand so we remain confident." But it is lower than the 40% capacity growth that analysts had been expecting, reflecting Wizz's caution over the resilience of its operations following airport disruption which hurt it last spring, and partly to protect unit revenues. "You obviously have a company which is going for a lot of growth in this type of market," he said. "I don't think we are a target, or we can be a target on that basis," he said.

☆ Wizz Air plans to grow by 35% as travel demand holds up
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 2 (Reuters) - Budget airline Wizz Air (WIZZ.L) said it planned to grow its capacity by 35% in the six months to the end of March as demand for travel remained strong despite the pressure on household budgets from inflation. "So far we are seeing no indication of a drop in demand so we remain confident," chief executive Jozsef Varadi said on Wednesday. Hungary-based Wizz posted core earnings for its seasonally strong June-September quarter of 374 million euros ($369 million). That represented a recovery from the previous period when staff shortages at airports dragged the airline to a loss. Overall the airline posted an operating loss of 63.8 million euros for the March to September half.

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