Sharp increase in profits at low-cost carrier Ryanair

Ryanair has announced first half profits gave risen 37 per cent to €1,088m.

Traffic grew 13 per cent to 58 million as load factor jumped four per cent points to 93 per cent.

Average fares rose two per cent as unit costs fell six per cent.

Fuel prices were flat during the period.

Ryanair chief executive Michael O’Leary said: “We are pleased to report this strong set of half one results.

“We have enjoyed a bumper summer due to a very rare confluence of favourable events including stronger sterling, adverse weather in northern Europe, reasonably flat industry capacity and further savings on our unhedged fuel, as millions of customers switched to Ryanair for our Always Getting Better customer experience programme.

This winter Ryanair will open four new bases (Berlin, Corfu, Gothenburg & Milan) and 119 new routes including a four daily.

O’Leary added: “We will deliver double digit growth in Ireland, UK, Spain, Italy, Portugal, Poland, Germany, and in Denmark where our Copenhagen operations will grow by over 100 per cent to 2.5 million customers per annum.

“This winter we take delivery of 28 new Boeing 737 aircraft which will take the fleet to 340 by year end, with another 330 on order.

“These aircraft will deliver with Boeing’s new Sky interiors and slimline seats which will improve leg room and provide our passengers with an even more enjoyable on board experience.”