(Sharecast News) - Stobart Group has signed an agreement with low-cost airline Wizz Air, which will launch three new routes from Southend Airport.
Wizz will launch three new routes from Stobart's airport to Bucharest and Sibiu in Romania, and Vilnius in Lithuania. The airline will operate 14 weekly flights from Southend using Airbus A320 aircraft.
With the launch of the new routes, expected in October and November, the airport is set to welcome an additional 250,000 passengers in the first year of the five-year agreement, as it builds towards its target of 5 million passengers a year by February 2023.
Chief executive officer Warwick Brady said: "The agreement with Wizz Air is another significant milestone in the development of the UK's fastest-growing airport, London Southend Airport. The partnership increases the domestic and European destinations we can offer customers to more than 40 by adding exciting and increasingly popular destinations in Central and Eastern Europe.
"Last year, we increased passenger numbers at London Southend Airport by one-third to more than 1.5 million. This is part of our plan to become London's next big airport as we aim to hit our target of 5 million passengers per annum by February 2023. 2019 has also seen substantial progress at London Southend Airport. Not only in terms of more airlines starting services, but the continued development of the airport's infrastructure and retail offering."
At 1515 BST, the shares were up 0.6% to 111.50p.
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