Wizz Air says it expects make a net profit of €350 million to €450m in its current financial year, after seeing strong demand for travel.

In its latest results, the airline posted a net loss of €535m, but said passenger numbers have almost doubled and it is looking forward to a record summer.

For the year to 31 March 2023, the low-cost airline carried more than 51 million passengers, an increase of 88% on the previous year’s figure of 27 million.

Wizz Air Group CEO József Váradi said: “We are optimistic for the current financial year and our focus continues to be on returning to net profit in F24. This will be driven by low cost, operational excellence, including continued high aircraft utilisation, productivity improvements and increased flight completion factors.

“We are confident in delivering this having spent much of the last year building an even better and operationally more resilient business, investing in our people, operations, and network, as well as now deploying a systematic fuel and currency hedging programme.”