WZZAF - Wizz Air sees continued travel recovery despite persistent inflationary pressure

Wizz Air Holdings ( OTCPK:WZZAF ) forecast a continued recovery in travel demand into year-end, according to an earnings report released on Wednesday.

For the first half of its fiscal year, revenue rose nearly 150% from the prior year to  €2.19B. While losses accelerated to €384.3M in the period, management remained optimistic on travel trends and industry normalization.

“Much has been done within the aviation industry to address the significant issues that were a feature early in the 2022 calendar year. As a consequence, our operational performance has recently normalized and we are now back in line with our historically low levels of cancellations and flight disruptions,” CEO József Váradi said. “This is important as it helps us to return to the customer service excellence the brand is built on and proud of whilst having a consequential positive impact on the financial performance of the business. We are proud that we set a new Company record by operating 859 flights in a single day on 5 September 2022 and reported record traffic in the period June to August, carrying a total of 12.9 million passengers.”

The Hungarian budget airline indicated it plans to increase capacity by 35% into the year-end and voiced confidence in continued travel demand despite outsized inflationary impacts on European consumers.

London-listed shares of the airline declined modestly on Wednesday, but remain up over 11% in the past month.

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