Carrier Wizz Air posted its results for the 12 months ended March 31 on Thursday morning, revealing a significant jump in passengers and stating that it expects a net profit for the current full year.

In the 12-month period, Wizz Air revealed passengers carried increased by 88.3% to over 51 million, while revenue came in at €3.9 billion, up 134.2% year-over-year. 

Meanwhile, the airline’s underlying loss after tax was €535.1 million.

“F23 was a year of significant growth for the business, with our key operational and financial performance metrics moving in the right direction as we transition into the post-COVID era,” commented József Váradi, Wizz Air Group Chief Executive Officer.

“During the year, Wizz Air delivered industry-leading capacity increases by operating 76 percent more ASKs versus last year (and +40 percent vs F20).”

Looking forward, WIZZ told investors that the demand for its services remains very strong across its network. The company expects ASK capacity to grow +30% year-on-year in F24, with current expectations of H1 and H2 growth rates at similar levels.

Wizz Air stated that trading performance in its Q1 has been strong, with attractive pricing and load factors above 90%, while for its Q2, average fares per passenger are also trending higher versus the same period last year.

The company’s net profit for F24 is expected to be between €350 million and €450 million. However, the guidance is dependent on the revenue performance for the airline’s all-important summer period.

“We are now well placed to continue to drive profitable growth through the rest of the decade and beyond,” added Váradi. “The airline industry remains exposed to externalities such as air traffic control disruptions and continuing operational issues within the airports sector, but today we are a more resilient business and expect this year to deliver a new set of record operational and strong financial results.”

By Sam Boughedda