Wizz Air Holdings has reported net profit grew 22.1 per cent to a record €275 million for the full year ended March 31st, 2018.

The figure includes results form both the airline and tour operator.

Total revenue increase of 24 per cent to €1,948 million, while ticket revenue was up 23.7 per cent to €1,132 million.

Ancillary revenue increased 24.4 per cent to €816 million, representing 42 per cent of total revenue.

Commenting on the results, József Váradi, Wizz Air chief executive, said: “The 2018 financial year was another year of investment and driving efficiencies in Wizz Air’s operations as we continue to our mission to become Europe’s undisputed airline cost leader. 

“This relentless focus on cost means we continue to stimulate the market through the lowest fares, resulting in record passenger numbers of almost 30 million - up 25 per cent year on year. 

“A backdrop of high economic growth rates across the CEE and the opportunities created by Wizz Air’s ultra-low fares underpins our business which has seen revenues increase by 24 per cent and net profit of a record €275 million an increase of 22 per cent year on year.”

Over the year Wizz Air offered 35 per cent of its seats on the more cost effective A321ceo aircraft, with the addition of ten brand new aircraft in the past 12 months.

The fleet expanded to 93 aircraft, a mix of 67 A320ceos and 26 A321ceos.

Váradi added: “Our cost focus, market leading position in CEE, pipeline of truly game changing Airbus A320neo family technology and balance sheet strength, as reflected in our recently awarded investment grade credit ratings, are the strongest of foundations for Wizz Air to continue to drive profitable growth and achieve one of the best profit margins of all European airlines, ensuring Wizz Air remains one of the most exciting airline businesses in the world.”

Wizz ordered 146 additional Airbus A320neo family aircraft during the year, securing an enviable pipeline of latest-technology, ultra-cost-efficient aircraft deliveries until 2026.

Váradi concluded: “As financial year 2019 begins we remain very optimistic for the coming twelve months.

“Higher fuel prices are supporting a stronger fare environment and we expect these macro conditions to provide Wizz Air with market share opportunities as weaker carriers withdraw unprofitable capacity. 

“Our ability to drive cost advantage further and offer lower fares across our ever-expanding network will lead to an expected 20 per cent increase in passenger numbers to 36 million in 2019.”