Wizz Air: Pre-close trading update
26-Mar-2015 Following its successful initial public offering at the start of this month, Wizz Air Holdings Plc ("Wizz Air" and, together with its subsidiaries, the "Group"), the largest low cost carrier in Central and Eastern Europe, today provides a trading update for the fourth quarter and year ending 31 March 2015.
Wizz Air confirms that the Group has traded well through the fourth quarter and that its revenue and profit performance for the year ending 31 March 2015 is forecast to be in-line with the Board's expectations. Wizz Air is expected to report its preliminary results for the year ending 31 March 2015 on 27 May 2015.
Separately today, Wizz Air announced that it will be further restructuring the Group's operations in Ukraine, following earlier capacity reductions in 2014. Wizz Air Hungary will establish an operating base in Kiev with one Airbus A320 aircraft. The base will initially operate eight routes and Wizz Air hopes to develop its network further as the local economic and geopolitical conditions improve. The second Airbus A320 aircraft currently based in Kiev will be redeployed to the Group's new operating base in Kosice, Slovakia, and will operate new routes from Kosice to Milan Bergamo and Sheffield-Doncaster in early June 2015.
The Group's Ukrainian subsidiary, Wizz Air Ukraine Airlines LLC ("Wizz Air Ukraine"), will discontinue operations, but the Group stands ready for expansion as and when market conditions improve. The restructuring of the Group's Ukrainian operations and the closure of Wizz Air Ukraine will not have a material effect on the Group's trading in the current year and subsequent financial years.