Business
Trading Update
Trading Update.
About this update from Wizz Air Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 9134E\n Wizz Air Holdings PLC\n 04 March 2020\n \n \n \n \n Wizz Air Holdings Plc\n \n \n \n \n \n Trading Update\n \n \n \n \n \n Ticker: WIZZ\n \n \n \n \n \n \n Geneva, March 4th, 2020\n \n : Wizz Air Holdings Plc (\"Wizz Air\" or the \"Company\"), the largest low-cost airline in Central and Eastern Europe, today is providing an update on trading for the financial year ending 31 March 2020 (\"F20\"), following the evolving COVID-19 outbreak. \n \n \n \n \n \n Demand for air travel within Europe in March 2020 has been impacted especially in those regions that are currently more affected by COVID-19. As a result, Wizz Air has made adjustments to its flight schedule between 11th of March and 2nd of April, primarily to Italian destinations. \n \n \n \n \n \n The primary concern of Wizz Air is the health and wellbeing of our people and our customers. Wizz Air is partnering with the relevant authorities and is following the guidelines provided by the World Health Organisation and EASA to continue to ensure the safest operation. \n \n \n \n \n \n Since the outbreak of COVID-19, Wizz Air has established a multi-disciplinary task force to maintain a highly efficient operation and drive further savings to address the financial implications of COVID-19. The Company's actions have included significant reductions in overhead and discretionary spending, leveraging our highly dedicated staff across our network, allowing us to pause recruitment and non-essential travel, working with suppliers to reduce cost and an effective allocation of our assets to maximize return for the Company. Subject to further impact on demand from COVID-19, we are considering further adjusting network capacity in the magnitude of 10% in Q1 F21.\n \n \n \n \n \n At this point in time it is difficult to predict the extent and the duration of the outbreak and the impact on the next financial year, however we remain confident that as the situation normalizes, Wizz Air will continue its highly successful trajectory. \n \n \n \n \n \n The Company will provide a pre-close year end trading statement ahead of the Company's full year F20 close period that starts on 1 April 2020. \n \n \n \n \n \n József Váradi, Wizz Air Chief Executive commented: \n \n \n \n ...