Weak ticket sales send Wizz Air wrong way in strong session

WIZZ AIR shares were grounded by investors today as the low-cost carrier emerged as one of the exceptions in a strong session for corporate updates.

- Graeme Evans

The FTSE 250-listed firm skidded 14% or 267p to 1646p after figures for the June quarter showed growth in ticket revenues per available seat kilometre below City expectations at 3.2%. It also reported a 44% drop in profits.

Other strugglers in a packed session for results included wealth manager Schroders, which fell 26.5p to 366.3p in the FTSE 100 after half-year revenues came in short of hopes. GKN Aerospace owner Melrose Industries also drifted 6% or 34.4p to 554.4p, even though it said it was confident of meeting 2024 and 2025 guidance.