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Prices & Quotes - UK Markets - Wizz Air Holdings (WIZZ)

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Share Price:
Down 3,366.00p
Change Today:
-60.00p
Market Cap:
2,875.96m
Sector:
Travel & Leisure

Wizz Air wants to expand Gatwick base with more slots

By Sean Farrell

Date: Tuesday 25 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Wizz Air wants to expand its new base at Gatwick airport to 20 planes from a starting point of one within a year if it can obtain enough takeoff and landing slots, the company's boss said.


Jozsef Varadi, Wizz's chief executive, told Bloomberg he could expand the Gatwick operation quickly to employ 800 people and support another 4,000 jobs. He said his ambitions were being frustrated by the suspension of rules that force airlines to relinquish underused slots.

"If airlines are unable to operate slots they should be returned to a pool so that carriers can access them, bring in revenue and contribute to the local economy," Varadi said.

The rule has been waived during the Covid-19 crisis but Wizz is lobbying authorities in the UK and the EU to drop it as flying returns, Varadi said. The European commission introduced the waiver to protect the industry and take pressure off carriers to fly empty planes to keep their slots.

The commission is considering an extension past the 24 October deadline but Varadi said that would distort the market. He said the waiver affected Gatwick particularly because IAG's British Airways, Virgin Atlantic and Norwegian Air had suspended operations and easyJet had restarted services more slowly than Wizz.

"We think it should firmly end at the end of October and the market should decide who gets those slots," he told Bloomberg. The Budapest-based airline is seeking to use its low cost base to nab market share while rivals cut their fleets.

The company's shares rose 3% to 37.68 at 12:03 BST.



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WIZZ Market Data

Currency UK Pounds
Price 3,366.00p
Change Today -60.00p
52 Week High 4,496.00p
52 Week Low 2,006.00p
Volume 74,023
Shares Issued 85.44m
Market Cap 2,875.96m

Performance Indicators

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What The Brokers Say

Strong Buy 11
Buy 1
Neutral 8
Sell 0
Strong Sell 1
Total 21
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

WIZZ Dividends

No dividends found

Trades for 27-Oct-2020

Time Volume / Share Price
14:11 7 @ 3,366.00p
14:10 7 @ 3,366.00p
14:10 7 @ 3,366.00p
14:10 8 @ 3,366.00p
14:09 8 @ 3,366.00p

WIZZ Key Personnel

Chair William Franke
CEO Jozsef Varadi