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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wizz Air Holdings Plc | LSE:WIZZ | London | Ordinary Share | JE00BN574F90 | ORD GBP0.0001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
226.00 | 17.78% | 1,497.00 | 1,476.00 | 1,500.00 | 1,500.00 | 1,290.00 | 1,301.00 | 2,400,369 | 16:35:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Air Transport, Scheduled | 5.17B | 376.6M | 3.6425 | 4.11 | 1.31B |
LONDON—Eastern European budget airline Wizz Air Holdings PLC Wednesday said it would slash growth plans for U.K. flights after the country's vote to leave the European Union caused its currency to plummet.
The carrier said the Brexit vote last month has caused "a notable weakness in fares" and routes involving the U.K. amid the depreciation of the British currency. The weak pound means revenues booked in sterling translate into fewer euros for the airline. The U.K. pound fell to a 31-year low in the aftermath of the vote.
Wizz Air Chief Executive Jó zsef Vá radi said the decision to cut capacity growth in the U.K. to 15% in the winter period from 30% was entirely currency related. "We are not seeing any significant underlying consumer behavior changes or change in travel patterns as a result of Brexit," he said in an interview.
Wizz Air joins other European airlines to signal that Britain's planned departure from the EU could impact its business. Airline shares have been among the hardest hit from the result amid concern that demand for travel would weaken.
Hours after the June 23 vote, British Airways parent International Consolidated Airlines Group SA warned that full-year profit growth would be lower than expected because of the outcome. British budget carrier easyJet PLC, in a profit warning days later, also signaled that Brexit would depress sales.
Wizz Air said it has already begun to make adjustments by shifting the equivalent of two planes to serve other locations. "Many of these markets are crying out for more capacity," Mr. Vá radi said.
The change could slightly crimp the total number of seats offered for sale in the financial year ending March 31. Still, the airline said its outlook for a net profit, excluding exceptional items, of €245 million ($270 million) to €255 million was unaffected.
Wizz Air also reported a 54% rise in net profit in the first quarter to €50.7 million. Sales rose 9.8% to €364.9 million. The airline carried 5.8 million passengers in the quarter, up from 4.9 million a year earlier.
Shares in Wizz Air were up 2.79% in early London trading.
Ian walker contributed to this article
Write to Robert Wall at robert.wall@wsj.com
(END) Dow Jones Newswires
July 20, 2016 04:35 ET (08:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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