Wizz Air boss blames Brexit as profits nosedive
The CE of Wizz Air has blamed Brexit for undermining demand as profits nosedived, with high fuel prices slowing the carrier’s expansion. Pre-tax profits plummeted 90% to E1.8m in the 3 months to December against E14.6m the year before as uncertainty surrounding Brexit hit sales. “We just don’t know how Brexit is going to play out and how it’s going to affect the revenue lines. What we’ve started seeing is a lowering of consumer confidence,” said Wizz Air CE Jozsef Varadi. However, the airline continued to expand, albeit at a slower rate than it had planned. Revenue increased 21% to E512.7m, in line with analysts’ expectations, and revenue per available seat kilometre also rose 5.6%. Varadi reaffirmed the company’s full-year profit guidance of E270m to E300m, but said this depended on Brexit. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-01-31/unaligned/wizz-air-boss-blames-brexit-as-profits-nosedive
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Wizz Air boss blames Brexit as profits nosedive
The CE of Wizz Air has blamed Brexit for undermining demand as profits nosedived, with high fuel prices slowing the carrier’s expansion. Pre-tax profits plummeted 90% to E1.8m in the 3 months to December against E14.6m the year before as uncertainty surrounding Brexit hit sales. “We just don’t know how Brexit is going to play out and how it’s going to affect the revenue lines. What we’ve started seeing is a lowering of consumer confidence,” said Wizz Air CE Jozsef Varadi. However, the airline continued to expand, albeit at a slower rate than it had planned. Revenue increased 21% to E512.7m, in line with analysts’ expectations, and revenue per available seat kilometre also rose 5.6%. Varadi reaffirmed the company’s full-year profit guidance of E270m to E300m, but said this depended on Brexit. <br/>
