Guy Montgomery has won the Billy T Award for aspiring stand-ups at the close of this year's New Zealand International Comedy Festival.

The former U Live presenter who recently starred in television's Cadbury Dream Factory was one of five nominees for the title who were judged on their festival shows.

He wins a prize package including $4000 cash.

The Fred Award for best local comedian went to Trygve Wakenshaw, who performed two shows Squidboy and Kraken at the festival and takes away a $10,000 prize package.

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Wakenshaw has been performing for ten years, and his unconventional approach to live comedy having been honed with clown studies in Paris, stints in Oslo and years on the international fringe festival circuit

He told the Herald that the idea behind Kraken was setting himself of "the goal of writing an unwriteable show."

Other winnners announced at last night's Last Laugh event were:

People's Choice Award: Urzila Carlson

Best International Show: James Acaster

Best Newcomer (Auckland): Nic Sampson

Best Newcomer (Wellington): Eamonn Marra