AS-IP Tech Inc (IPTK)

[MJAM2020]

Maybe the super fast expansion is now starting to show up in the books? We know of a revenue source that could potentially help WizzAir's cause. Hopefully they tell us all about it soon. :)


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https://www.ft.com/content/e5a7ef91-9238-4723-96b7-3ac4fa62251e

Directors’ Deals: Wizz boss offloads shares as reported loss doubles
Budget carrier struggles — but continues expansion plans

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Christopher Akers and Arthur Sants, Investors’ Chronicle FEBRUARY 11 2022
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Wizz Air’s shares have fallen by 15 per cent over the past year, as the budget airline has struggled with low vaccination rates in its eastern European markets and the continuing impact of Covid-19 on the demand for travel. Despite a sense of cautious optimism emerging as the pandemic picture improves, the airline sector remains riddled with uncertainty — recent results from operators demonstrate this well.

Wizz’s latest trading update, covering the three months to December 31, is a case in point. While passenger numbers spiked by 243 per cent to almost 8mn flyers and revenue soared by 173 per cent to €408mn against the comparatives, Wizz’s reported loss more than doubled to €268mn due to steep increases in fuel costs and other operating expenses. This included €31mn of foreign exchange losses, as the euro weakened against the dollar.

Despite the headline loss, Wizz is making concrete progress with expansion plans. The company secured additional slots at London Gatwick airport in December which will enable it to increase passenger numbers in a key UK market. Over 100 new routes have been announced this financial year, and by summer 2022 Wizz hopes to have 170 aircraft in action across its network — 20 more than at December 31.

Shortly after the trading update was released, chief executive József Váradi offloaded £4mn worth of Wizz shares. Vaxco Holdings Limited, an entity closely associated with Váradi, sold the shares on January 31.

Wizz’ management expects the results for the fourth quarter, the first three months of 2022, to be hit by the “ongoing travel uncertainty” caused by the Omicron variant and a higher operating loss is forecast. The company’s relatively low-cost base, however, puts it in a strong position for the sector’s rebound.


https://www.ft.com/content/e5a7ef91-9238-4723-96b7-3ac4fa62251e

imho
mj