Wizz Air has been hit hard with its annual profits tumbling as it wrestled with engine troubles that left a significant portion of its fleet out of action.
Despite these headwinds, the Hungarian carrier boasted record passenger numbers and stated it had overcome “significant challenges”.
Putting a figure to their woes, Wizz Air posted an operating profit of 167.5 million euros (£141 million) for the year ending March, which is sharply down by 62% compared to 437.9 million euros (£368.7 million) in the previous fiscal year.
Yet, the group did manage a modest revenue increase of 3.8%, ferrying a historic high of 63.4 million passengers.
The budget airline was hamstrung by having to ground, on average, 44 planes due to issues with engines supplied by US firm Pratt & Whitney, impacting nearly 20% of its fleet.
Towards the final quarter of 2024, Wizz Air secured a two-year relief deal from Pratt & Whitney after grounding Airbus A320neo aircraft, expected to soothe some financial and operational pain, though not completely.
Chief executive Jozsef Varadi said: “Despite the unproductivity of a grounded fleet, we successfully delivered a second consecutive year of profitability.
“The number of grounded aircraft will start reducing in both absolute and relative terms and this is why we have reached a transformation point.”
With 37 jets parked last month, forecasts indicate around 34 aircraft will likely remain idle come September’s end.
