The low-cost carrier revealed intention to downscale today (July 20) after releasing its financial results for the first quarter of the year.

In the report the airline said Britain’s decision to leave the EU had led to a “notable weakness” in fares and as a result, it had begun “re-adjusting” its capacity to service other non-UK routes.

The news came as Wizz Air reported a record first quarter with pre-tax profit up by 52.2% to €52.3 million – with total revenue increasing by 9.8% to €364.9 million.

The airline also experienced a 17.9% rise in passenger numbers registering 5.8 million.

Chief executive Jozsef Váradi said: "Our record first quarter financial performance underpins the resilience of our ultra-low cost business model.

“While Wizz Air is not immune to the recent challenges in our industry we believe our ultra-low cost base, diversified point-to-point network and ability to adjust capacity quickly when needed enables us to better respond to these challenges than many other European airlines and also means we are well placed to exploit market opportunities as they arise.

“It is on this basis that today we are confirming our underlying net profit guidance for the full financial year ended 31 March 2017.

“Our ultra-low cost model, reinforced with a delivery stream of brand new A321 aircraft, gives us a clear cost advantage versus most of our rivals.”