- Wizz Air Holdings eked out a small gain in first-half net profit but cut its annual guidance, after rising revenue was offset by costs related to industrial action and rising fuel prices.

Net profit for the six months through September rose 1.2% to €292.2m, as revenue jumped 20% to €1.38bn.

However, the company cut its full-year guidance to a profit of between €270m and €300m, down from between €310m and 340m.

Profit margins fell 3.9 percentage points to 21.2%.

'The operating environment in the first half was particularly challenging for all European airlines with unprecedented disruptions caused by air-traffic controller strikes, slot constraints as well as heavily congested airports,' chief executive Jozsef Varadi said.

'The encouraging revenue environment, robust demand and an improved operational performance combined with our relentless focus on costs will enable the company to offset approximately half of the fuel headwind, which is estimated at around €80m for the full year and disruption costs.'

'As a result our full year net profit guidance is lowered to a range of between €270m and €300m.'

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