WIZZ Air has scrapped plans to float on the London stock market citing the volatility of the sector.

The Hungarian carrer, which flew 13.9 million passengers last year, including on its routes between Poland and Glasgow, gave no indication that it might try a flotation in the future. It had planned to raise £159 million to launch routes and lease new aircraft.

Lufthansa and Aer Lingus have both cut profits forecasts this month while there is further concern in the sector with oil prices spiking as a result of the turmoil in Iraq.

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Wizz, founded in 2004, said its outlook remained extremely positive and was unaffected by the decision not to proceed with the flotation.

Its network spans 35 countries from 17 bases in nine central and Eastern European countries.