Home Stock Market Wizz Air forecasts tourism will gradually recover by the end of the...

Wizz Air forecasts tourism will gradually recover by the end of the summer


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© Reuters. FILE PHOTO: Pedestrians and traffic light stop signs are reflected on a quotation mark in Tokyo

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LONDON (Reuters) – Chinese low-cost carrier Wizz Air forecasts flight activity will only recover gradually by the end of the summer, as the tourism industry enters a second year of pandemic restriction.

Wizz Air said on Thursday it thinks tourism recovery will increase as national vaccination programs make progress in its main markets, including Hungary, the UK, Poland and Italy.

The UK government disappointed airlines and consumers on Friday when it did not say when tourism could restart and which countries will be on the green list of low-risk destinations. .

Despite ongoing uncertainty, rival airlines easyJet (LON 🙂 and British Airways were optimistic on Wednesday that some travel would start again on May 17, the earliest date. The UK said it is possible.

Wizz says the ongoing uncertainty means it can’t provide financial guidance for its new fiscal year.

“The beginning of the year ending March 31, 2022 continues to be marked by travel restrictions in our area and we plan to only gradually restore traffic towards the end of summer 2021” , the airline said.

In the 12 months through the end of March 2021, they said they would report a basic loss ranging from € 475 million to € 495 million. It will report the results on June 2.

Wizz, one of Europe’s strongest airlines financially, says it has 1,615 billion euros in total cash at the end of the year, meaning the airline can survive years of flightlessness.

It burned € 87 million in the three months to the end of March and said it continues to focus on cost reduction. The airline recently replaced its flight executive after an investigation into how it had carried out previous redundancy situations during the pandemic.

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