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Wizz Air reports no post-Brexit weakness in UK demand

Wizz Air annual profits remained almost static despite soaring passenger numbers – with no weakness in UK demand following the Brexit vote.

But the airline took a €17 million hit in the 12 months due to the “negative translation effect” on British pound revenues due to Brexit which it said was absorbed by the rest of its “large and diversified network”.

The eastern and central european budgat carrier achieved a 19% rise in passengers carried to 23.8 million in the year to March 31.

However, net profit grew by just 1% to €225 million on a 10% rise in revenue to €1.57 billion.

The airline saw anillary revenue grow by 23% to €655.7 million or €27.5 per passenger.

Wizz Air expects profits for the current financial year to improve to between €250 million-€270 million.

The airline, which opened a base at Luton airport in the period, said that there are no signs of demand weakness on routes to and from the UK despite the Brexit decision.

Chief executive Jozsef Varadi said: “Growth will continue as a top priority for us and we plan to increase capacity by around 23% and carry nearly 30 million passengers in full year 2018.

“We had a strong start to full year 2018 due to the timing of Easter which leaves us optimistic for the year ahead and group net profit is currently expected to be in a range between €250 million and €270 million in full year 2018.”

However, he added: “This guidance is heavily caveated by the revenue performance for the all-important summer period as well as the second half, a period for which we currently have limited visibility.”

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