23 JUNE 2014
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Plans by Budapest-based Wizz Air to list its shares on the London Stock Exchange have been withdrawn, citing current market volatility in the airline business. (see BTN 26 May)
"The outlook for Wizz Air's business remains extremely positive and unaffected by the decision not to proceed with an IPO," the company said in a statement.
Airline stocks were hammered last week after Lufthansa cut profit targets for the next two years, citing competition from Middle East and low-cost rivals. IAG shares are down from a high of 450p earlier this year to a present value of just under 380p. easyJet topped at an amazing 1800p in April and is now 1400p.
Wizz Air, which started to fly 10 years ago, is the largest budget airline in central and eastern Europe with a market share of 38%. It has made money while traditional local airlines have struggled or have gone bust in recent years. www.wizzair.com
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