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Sumamary
- Wizz Air reported an underlying loss of €482 million for the year ended 31 March 2021.
- The company’s revenue fell 73.2 per cent to €739 million from €2,761 million a year ago.
- It also said that unless all restrictions are eased, it would continue to report net loss.
Shares of the low-cost airline company Wizz Air Holdings Plc (LON:WIZZ) fell after the company posted an underlying loss of €482 million for the year ended 31 March 2021 compared to a profit of €344.8 million a year ago.
For the next year, the company expects to fly about 30 per cent of its capacity in the first quarter. It also said that unless all restrictions are eased, it would continue to report net loss, while only in the year after would it be able to fly full capacity thanks to improved trading environment.
The shares of the company were trading at GBX 4,787 on 2 June at 1:31 GMT+1, down by 1.66 per cent. Meanwhile, the benchmark index, FTSE 250 was down by 0.08 per cent at 22,856.78.
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Result highlights
The company’s revenue fell 73.2 per cent to €739 million from €2,761 million a year ago. Passengers carried slumped by 74.6 per cent to 10.2 million from 40 million a year ago.
For the year ended 28 February 2021, the company’s net ticket sales were down by 79 per cent to £783 million from £3,727 million a year ago. Its revenue was down 74 per cent to £67 million compared to £261 million a year ago.
The company’s CEO József Váradi said that despite all the unprecedented challenges, the company managed to control its cost structure, maintained an investment grade balance sheet, and preserved its cash position.
Wizz’s load factor was down to 64 per cent in 2021 compared to 93.6 per cent seen in 2020. Average revenue per passenger was up by 5.2 per cent to €72.6 in the year, Váradi said.
Also read: Wizz Air Holdings (LON:WIZZ) And Sufferings of The Aviation Industry
Here is a look at two other travel and leisure stocks:
Trainline (LON:TRN)
The UK a few days back announced that it would launch an app, which was a part of a plan to rejig the rail-system to make it compete with Trainline’s app. The government plans to simplify, centralise, and digitise the world’s oldest railways.
The shares of the company were down by 1.02 per cent and were trading at GBX 299.70 on 2 June at 13:01 GMT+1.
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On the Beach (LON:OTB)
The shares of the travel retailer were down by 1.52 per cent and were trading at GBX 415.08 on 2 June at 13:11 GMT+1. The FTSE All-Share index was up 0.12 per cent at 4,054.00.
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For the year ended 30 September 2020, the adjusted group revenue fell 52 per cent to £71.2 million from £147.5 million a year ago. It reported an adjusted group profit of £0.6 million, falling 98 per cent from £34.5 million.
