Feb 11, 2022
Directors’ Deals: Wizz boss offloads shares as reported loss doubles
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. 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. Shortly after the trading update was released, chief executive József Váradi offloaded £4mn worth of Wizz shares. UK sales performed ahead of expectations, growing 13 per cent, and US sales were up a promising 11 per cent. The silver linings are that top line growth has continued and analysts expect it to increase 8 per cent in 2022 to £4.32bn. Asos also has a well-established brand, valued at $2.8bn by brand consultant Kantar, making it the tenth most valuable apparel brand.
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