Expects to return to profit in year to April 2024
Competitor airlines are more upbeat on summer travel
UK airline Jet2 upgrades profit forecast on strong demand
Shares down 8

LONDON, Jan 26 Reuters Wizz Air is upbeat on summer demand for travel but more cautious than its competitors, forecasting a return to profit in its 20232024 financial year, helped by strong bookings, new capacity and the benefits of hedging fuel costs.

Low cost rivals Ryanair, Europe39;s biggest airline, and Britain39;s easyJet have reported record bookings for summer holidays, in a sign that consumers are still keen on trips despite a looming recession.

Asked if Wizz had seen the same, CEO József Váradi said Bookings are strong, but I don39;t want to get overexcited.

He added We are seeing the market remaining intact. People continue to go, continue to fly.

Shares in Wizz dropped 8 to 2,771 pence in early Thursday deals, erasing gains made on Wednesday when easyJet39;s upbeat update lifted the stock.

Separately on Thursday, British airline and holiday group Jet2 upgraded its annual profit forecast after strong demand for winter holidays and said bookings for the summer were encouraging.

For its current financial year to the end of March, Wizz, whose main operations are in central and eastern Europe, is expecting to report a loss, impacted by the Ukraine war, which meant it had to switch capacity away from there last year.

The airline was also unhedged on fuel and foreign exchange costs…