Wizz Air has reported a record full-year net profit of €292 million following a 16% growth in passenger numbers.

Revenue was up 19% from €1.9m to €2.3m for the year ending in March.

Passenger numbers grew from 30 million to 35 million.

József Váradi, Wizz Air’s chief executive, said: “Wizz Air has once again delivered record passenger numbers and revenues, while also delivering higher load factors and a record net profit of €292 million in FY19.

“The high economic growth rates across CEE continue and the opportunities created by Wizz Air’s ultra-low fares saw our revenues increase by 20%, load factors reaching 93% and passenger numbers of almost 35 million up 17% year-on-year.

“This was a very solid performance given the absence of Easter traffic which fell into the end of the last financial year, higher fuel prices and a challenging operating environment across the industry. “

The budget carrier  plans to supply more seats to the London-Luton market this summer.

Váradi said he remained “very optimistic” for the current financial year.

He said higher fuel prices were “supporting a stronger fare environment”.

“We expect these macro conditions to provide Wizz Air with market share opportunities as weaker carriers withdraw unprofitable capacity,” Váradi said.

“Our ability to drive cost advantage further and offer low fares across our ever expanding network will lead to an expected 17% increase in passenger numbers to 40 million (next year).

“Although still at an early stage of the financial year, the Company’s net profit is expected to be in a range of between €320 million and €350 million in FY20.”