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Wizz Air Holdings PLC on Tuesday said it has entered into a commercial support agreement with Connecticut, US-based engine maker Pratt & Whitney. The Budapest-based budget airline said the agreement was reached in relation to the continued grounding of its aircraft, following powder metal issues in Pratt & Whitney’s PW1100G-JM geared turbofan engines. ‘The company is projecting a continued grounding of around 40 Airbus 40 Airbus A320NEO family aircraft through FY26 due to inspections required on its GTF fleet,’ Wizz Air said. The airline last month reported a 19% fall in pretax profit for its half-year results, as a result of the engine inspections begun in September 2023 after the discovery of manufacturing issues. Operating under RTX Corp, Pratt & Whitney will provide operational support to Wizz Air through to the end of 2026, as well as a compensation package to cover the costs to Wizz Air associated with the grounded aircraft. ‘The company continues to take proactive action to mitigate the financial and operational impact of the grounded aircraft and will continue to work with Pratt & Whitney to ensure that aircraft are returned to operation as soon as possible’, Wizz Air said. Wizz Air anticipates a return to growth by financial 2026 by taking 50 new Airbus A321NEO deliveries and growing seat capacity by around 20%. Shares in Wizz Air were up 0.1% at 1,423.38 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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