Wizz Air changes course on growth after Brexit vote
Wizz Air said it will switch some of its planned expansion away from Britain because of the weakness in the pound following the vote to leave the EU. Wizz had been intending to grow its UK business by 30% -- equivalent to 4 extra planes in this financial year -- but said it would reduce this to 15% as a result of sterling's weakness against the euro. "This is a translation, FX issue, not underlying volume demand and or a change in consumer behaviour," Wizz Air CE Jozsef Varadi said. "We are a euro company, every (pound) sterling we earn in revenue translates into euros, and it is 19% less euro than what it was a year ago." The airline said it remained confident of meeting guidance given in May for net profit of between E245m and E255m in the financial year to the end of March, 2017. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-07-21/unaligned/wizz-air-changes-course-on-growth-after-brexit-vote
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Wizz Air changes course on growth after Brexit vote
Wizz Air said it will switch some of its planned expansion away from Britain because of the weakness in the pound following the vote to leave the EU. Wizz had been intending to grow its UK business by 30% -- equivalent to 4 extra planes in this financial year -- but said it would reduce this to 15% as a result of sterling's weakness against the euro. "This is a translation, FX issue, not underlying volume demand and or a change in consumer behaviour," Wizz Air CE Jozsef Varadi said. "We are a euro company, every (pound) sterling we earn in revenue translates into euros, and it is 19% less euro than what it was a year ago." The airline said it remained confident of meeting guidance given in May for net profit of between E245m and E255m in the financial year to the end of March, 2017. <br/>
