Wizz Air has said it expects to have lost around €570-590 million over the last year in the wake of the Covid-19 pandemic.

However, the low-cost carrier said it still had around €1,615 million on hand at the end of March, and was well placed to benefit from any recovery in the travel sector.

József Váradi, Wizz Air chief executive, commented: “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.”

Wizz said it expected a “gradual” recovery into the summer.

In the short term, the airline said it continues to actively adjust capacity to travel conditions with a focus on cash contribution positive flying, and as a result continues to review aircraft allocation on a market-by-market basis as opportunities arise. 

Wizz Air said it would release the full results on June 2nd and was not in a position to offer guidance on 2021/22 due to the continued uncertainty around the Covid-19 pandemic.