Wizz Air has taken the decision to make 1,000 positions redundant in the wake of the coronavirus pandemic.
The figure representing a 19 per cent workforce reduction at the low-cost carrier.
Releasing its results for the year, Wizz said additional employee furlough measures have been and will be taken in the short term as necessitated by the travel restrictions due the Covid-19 outbreak.
The airline is currently operating at three per cent of its planned capacity.
József Váradi, Wizz Air chief executive, commented: “We have taken various initiatives to protect the position of the company in a controlled manner during the Covid-19 pandemic and are reviewing the competitiveness and allocation of the assets of the company.
“We are also working to further improve our strategic, cost and cash position in the aftermath of this crisis to ensure we can deliver our long-term growth target.
“Wizz Air undoubtedly remains best placed for long-term value creation in the European aviation industry due to its low fare – low cost business model and unique positioning as the market leader in the growing central and eastern European market.”
Despite the sharp downturn in recent weeks, Wizz said it expects to report an underlying net profit €350-355 million the year to March 31st – in line with guidance.
Looking ahead, Wizz said the pay of the chief executive and senior leadership of the airline would be cut by 22 per cent next year, while salaries of pilots, cabin crew and office staff will be reduced by 14 per cent on average.
Wizz Air added it is not currently in a position to provide further guidance for the financial year ahead.