• Wizz Air shares down 4.29%.
• Revenue surged 149.2% to €2.19 billion.
• Chief Executive, Varadi expects capacity in the second half to be 35% higher than in 2019.

Wizz Air announced its plans to grow its capacity by 35% over the next six months in its H1 report on Wednesday.

This comes after travel demand remained strong for the budget airline, despite potential pressures on household spending.

Wizz Air shares are currently trading 4.29% lower this morning.

Revenue surged 149.2% to €2.19 billion, and passengers carried increased 112% to 26.5 million. However, the group posted an operating loss for the period of €63.8 million, up from an operating loss of €51.9 million in the prior year.

“Much has been done within the aviation industry to address the significant issues that were a feature early in the 2022 calendar year,” said Jozsef Varadi, Wizz Air Chief Executive.

Varadi added, “as a consequence, our operational performance has recently normalised and we are now back in line with our historically low levels of cancellations and flight disruptions.”

Despite the challenging macroeconomic backdrop and uncertainty across the industry, Varadi expects capacity in the second half of the year to be 35% higher than in 2019.

Varadi believes that the company is “well positioned” to drive profitable growth in the future.