Ryanair has blamed the fall in value of Sterling following the Brexit vote for a drop in profits for the last quarter.
The no-frills airline saw profits drop 8 per cent to €95 million, while average fares dropped 17 per cent to €33 per passenger.
However, passenger numbers rose 16 per cent to 29 million for the final three months of 2016.
Ryanair CEO Michael O’Leary said: “As previously guided, our fares this winter have fallen sharply as Ryanair continues to grow traffic and load factors strongly in many European markets. These falling yields were exacerbated by the sharp decline in Sterling following the Brexit vote.
“Ryanair responded to this weaker environment by continuing to improve our “Always Getting Better” (AGB) customer experience, cutting costs, and stimulating demand through lower fares which has seen load factors jump to record levels.”
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