Hungarian budget airline, Wizz Air have posted annual profits up 67%.

Net profit for the year to the end of March 2015 was €146.2 million. This compares with a loss of €22 million to the previous year.

Revenue for the year was also up significantly to €1.23 billion, representing a 21% increase.

Passenger numbers for the year also increased dramatically by 18% to 16.5 million people.

Shareholders Happy

The company, which floated on the London Stock Exchange in February 2015, pointed to lower oil prices and higher passenger number as to the two key factors in the better results.

The company’s chief executive said in a statement, “Having successfully listed on the London Stock Exchange, we have continued to grow our network and increase our passenger numbers throughout the period, while maintaining an industry leading, ultra-low cost base.”

Whilst still being one of Europe’s major budget airlines, Wizz Air is well behind in terms of passenger numbers compared Irish airline, Ryanair. Passenger numbers at Ryanair exceeded 90 million last year compared to Wizz Air’s 16.5.

However, Ryanair’s has experienced lower passenger number increases of 11%, compared to Wizz Air’s 18%.