Budget carrier Wizz Air (WIZZ) is defying Brexit-related gloom as net profit in the year ending 31 March 2019 is expected to hit the upper end of its guidance range of €270m and €300m, helping the shares rise 4.2% to £30.03.

The Hungarian airline is painting a different outlook than EasyJet (EZJ) who warned on Monday of a subdued outlook as Brexit-related uncertainty deterred holidaymakers from flying.

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Wizz Air says demand across its markets remains robust, revealing passenger numbers jumped 16.7% to 34.5m in the year to 31 March.

Load factor, which measures how effectively airlines fill their flights, rose from 91.3% to 92.8% over the same period.

Over the last year, shares in Wizz Air have dipped 5.4% despite resilient trading. Though this compares favourably with EasyJet and Ryanair (RYA) which have really struggled to deliver amid rising fuel prices and strike disruption.

Shares in EasyJet and Ryanair have tumbled 37.4% and 29.9%, respectively.

Investment bank Barclays analyst Rishika Savjani says economic growth in Wizz Air’s key Central and Eastern Europe markets remain strong, helping the company avoid any Brexit-related impact.

Wizz Air has also enjoyed a robust start to its financial year as revenue per available seat per kilometre is set to grow 4% year-on-year in the quarter to June, driven by ancillary sales and the timing of Easter.

Strong ancillary sales, including non-ticket services such as baggage fees and on-board food, are expected to continue into the peak summer period.

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Issue Date: 02 Apr 2019