Wizz Air Holdings PLC loss will be higher than expected

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Wizz Air Holdings PLC (AIM:WIZZ) said its fourth-quarter loss would be lower than initially thought, sending the share price up 8% to 3,129p.

The low-cost airline forecasts an operating loss of between 210 and 190 million euros for the quarter. This exceeds the loss of 213.6 million euros estimated when the third quarter results were published in January.

Nevertheless, the company said it would post a net loss of between 652 and 632 million euros for the financial year ending March 31, 2022.

He told investors he was on track to ramp up operations and crew for the busy summer flying schedule at the start of fiscal year 2023 and expects bookings to increase significantly after Easter. .

The situation in Ukraine, Moldova and Russia is being monitored, although flights from these places remain suspended.

12:37 p.m .: Alphawave earnings delay spooks investors

Alphawave IP Group PLC (LSE:AWE) fell 15% to 157.8p after the Canadian chip designer pushed back its earnings date by a week, with investors apparently fearing the worst or reading others into the news. industry.

Shares of the relative newcomer plunged in September after the company was questioned whether it had properly disclosed related party transactions, and has since been targeted by short sellers, with at least four short positions currently disclosed. .

Alphawave announces that it will release its annual results on April 29, including a business update for the first quarter of 2022.

“Due to COVID-related staff absences, the company’s auditor, KPMG LLP, has requested additional time to finalize its procedures,” he explained.

11:37 a.m .: Tenacious Pavlosk

Petropavlovsk PLC (LSE:POG) fell 21% after naming a corporate finance boutique to find a buyer saying it will struggle to refinance debt due to sanctions imposed on Russia.

In a statement, the Russia-focused gold miner said AlixPartners would help the board explore its options.

“These options include the sale of all of the company’s interests in its operating subsidiaries as soon as possible.

“It is currently unclear what return, if any, may be obtained for shareholders or bond or noteholders as a result of this process.”

Petropavlovsk has already missed two interest payments totaling around US$10 million on US$288 million loans from Gazprombank (GBP) because sanctions prevented it from repaying the Russian state bank.

10:25 am: Renold pounces on profit growth expectations in annual results

Renold PLC (AIM:RNO) climbed 27% to 25.6p after reporting 18% revenue growth.

The supplier of industrial chains and power transmission products said its full-year sales were £195 million following “strong momentum in order intake”.

It is important to note that the Russian and Ukrainian activities represent only a small part of the company’s revenues, at around 0.5%.

The group is expected to announce its annual results in July.

9:15 a.m .: Petrel advances on the lifting of the court injunction

Petrel Resources PLC (AIM:PET) jumped 17% to 1.7 pence following the lifting of its court injunction.

The High Court injunction related to more than 30 million shares recently held by the Tamraz Group, which were then sold to John Teeling and James Finn, of EYPC LLC and SRT Capital SPC, for £300,000.

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