Wizz Air Holdings PLC on Wednesday said it more than quadrupled its revenue in the first quarter of its new financial year, up almost 20% against pre-pandemic levels.

In the three months to June 30, the budget airline reported revenue of €808.8 million, up sharply from €199.0 million the previous year.

‘During the first quarter of F23 we continued to ramp-up Wizz Air as Covid-19 transitioned from a pandemic to an endemic setting. Passengers and revenue more than quadrupled versus the same quarter last year, up almost 20% versus pre-pandemic levels, with 30% more capacity operated,’ said Chief Executive Jozsef Varadi.

In the first quarter ending June 30, 2019 - the last first quarter result before the pandemic hit - revenue stood at €691.2 million.

Wizz Air’s loss before interest, tax, depreciation and amortisation widened to €154.4 million in the quarter, however. The prior year the group posted a loss of €17.8 million.

‘Fuel prices for the quarter were double pre-pandemic levels. Lingering restrictions from Covid-19 remained, particularly during April and May, while the war in Ukraine and supply chain disruptions affecting air traffic control, security and ground operation resources have impacted our utilisation. As a result, unit costs for the quarter were around 40% higher versus pre-pandemic, 75% of this increase was driven by commodity inflation,’ Varadi explained.

Operating costs more than tripled to €1.09 billion in the quarter, with unit cost increases driven by significantly higher fuel costs. Fuel unit costs more than doubled to €2.62 per available seat kilometre.

Shares in Wizz Air were 7.6% at 2,114.00 pence on Wednesday morning in London.

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