Ryanair posts 20 per cent rise in profits

Low-cost airline Ryanair announced a jump in profits but said passenger numbers will fall 10 per cent this month as it grounds more planes this winter.

By The Newsroom

Published 7th Nov 2011, 08:13 BST

The Dublin-based operator posted profits of 544m euro (£467.5m) in the six months to September 30, an increase of 20 per cent, as a 13 per cent rise in average fares helped it offset a 37 per cent hike in fuel costs.

The company is pulling 80 of its aircraft to reduce winter losses amid soaring fuel prices and expects traffic to fall 4 per cent in the second half, with 500,000 fewer passengers flying in November.

The strategy will improve its full-year profit forecasts by 10 per cent to 440m euro (£378.2m), reflecting a boost to its margins.

Ryanair flies from a number of regional airports including Leeds-Bradford. The company recently announced it would be basing a third aircraft at Leeds-Bradford Airport, travelling to six new destinations.

Ryanair