Wizz Air Holdings has provided a post-close trading update for the year ended 31st March 2021.
The statement said: "Wizz Air expects a reported F21 net loss of €(570)-(590)m. Our full year underlying loss is expected to be of €(475)-(495)m, with the only exceptional item the loss related to discontinued fuel hedges, amounting to an estimated €(95)m.
"The start of F22 (the year ending 31st March 2022) continues to be marked by travel restrictions across our region and we expect only a gradual traffic recovery into late summer 2021, following what is expected to be a period of good progress of national vaccination plans across key markets.
"In the short term, the company continues to actively adjust capacity to travel conditions with a focus on cash contribution positive flying, and as a result we continue to review aircraft allocation on a market-by-market basis as opportunities arise. In parallel we continue to be focused on our cost base and on our liquidity measures to minimize the cash burn rate of the company in this period of transitioning out of Covid-19.
"Because of the uncertainties around travel restrictions, Wizz Air today is not in a position to provide guidance for the year ending 31 March 2022."
József Váradi, Wizz Air chief executive commented: "First and foremost, I would like to thank our people for their relentless support for our passengers, our communities and for the company in a period unprecedented in the 18 year history of Wizz Air.
"They have risen to the continued challenges in the last 12 months facing our company and the entire industry, with great determination, endurance and agility in order to continuously adjust and adapt to ever-changing conditions and circumstances as the Covid-19 pandemic impacted us in ways no one could predict or plan for.
"Despite the continued impact of the pandemic, we are well-prepared with one of the strongest balance sheets in the airline industry, flying one of the youngest and most efficient fleets and having a well-defined, proven business model.
"Our agility and relentless focus on costs and cash are significant competitive advantages. Our network expansion and the investments we have made in our fleet over the past 12 months ensures we are well placed for a return to normal operations and we are convinced we are now even better positioned to be a structural winner in the European aviation sector."
Last year, Wizz Air UK launched operations from Doncaster Sheffield Airport.
Speaking last year, Chris Harcombe, Director of Aviation Development at Doncaster Sheffield Airport, said: “We are delighted that Wizz Air has chosen to base a second aircraft permanently at Doncaster Sheffield Airport so soon after its recent announcement to open a full-based operation with us for Wizz Air UK."
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