Budget carrier Wizz Air reported record passenger numbers and record profits in full-year results for the 12 months to March.

Wizz recorded a 24% rise in revenue year on year to €1.95 billion and a 22% increase in profits to €275 million off the back of a 25% rise in passenger numbers to 29.6 million.

The airline reported an operating profit of €659 million, also up 22%.

Wizz increased its fleet by 14 aircraft to 93 over the course of the year, but the airline has another 146 A320neo aircraft on order as it plans to maintain its rapid expansion.

The carrier proposes a 20% increase in capacity this year as it adds 20 aircraft and looks to benefit from the failure of Monarch Airlines at Luton and the demise of Air Berlin-backed Niki at Vienna.

Wizz currently has five aircraft based at Luton, where it opened a base in June last year, and plans to have eight by the end of the current financial year.

The carrier recently acquired a UK air operating certificate and began operating as Wizz air UK from Luton this month.

Chief executive Josef Varadi contrasted Wizz Air’s performance and forecasts with those of Ryanair, which reported this week that profits for the current year would fall in line with higher fuel costs and pressure on fares.

Varadi said: “This is a significantly different position from our competitors. You are seeing cost creep with all of them.”