Wizz Air Holdings Plc, the fastest-growing European airline, today provides an operational update in light of renewed travel restrictions imposed across Europe and in Hungary in particular, in a bid to cope with the resurgence of COVID-19 infection cases.
Notwithstanding recent developments, Wizz Air expects capacity for the second quarter of the financial year at roughly 60%. If however mobility restrictions across the network persist, capacity is likely to remain at around 60% in the third quarter of the financial year, as opposed to 80% as previously anticipated.
Further capacity reductions remain a possibility and as a result, Wizz Air may park parts of its fleet throughout the winter season to protect its cash balance. The Company remains focused on safeguarding its strong balance sheet and excellent liquidity position.
The health and safety of crew and passengers remains Wizz Air’s top priority and the Company continues to partner with the relevant authorities and follow their guidelines.
Wizz Air’s ultra-low cost business model is a significant competitive advantage in the current uncertain environment for airlines, and while the situation remains challenging, the Company is confident that it will emerge as a structural winner from the COVID-19 crisis.
