Ryanair made a record pre-tax profit of €650.9 million during its last financial year on the back of higher passenger numbers and revenue.
The airline saw its profits rise by 14.6 per cent in the 2012/13 tax year compared to the previous year when it made a pre-tax profit of €568 million.
The no-frills giant was boosted by a 13 per cent rise in revenue to €4.88 billion for the year ending in March 2013, while passenger numbers rose by 5 per cent to 79.3 million over the same period.
Ryanair was boosted by a 6 per cent increase in average fares which helped to offset an 18 per cent rise in the airline’s fuel costs.
Chief executive Michael O’Leary said: “Ryanair continues to expand, making meaningful share gains in many of Europe's largest markets. In addition to being the number one passenger airline in Ireland and Spain, we have in the last 12 months overtaken Alitalia and LOT to become Italy's and Poland's number one airline, respectively.
“Ryanair believes that its unique low cost advantage will enable the airline to achieve a 20 per cent share of the European short-haul market over the next 5 years, particularly given that many of Europe's high fare incumbents are restructuring and cutting capacity.”
O’Leary said that the carrier could start adding capacity at Stansted following Manchester Airports Group’s (MAG) purchase of the airport earlier this year. Ryanair has cut capacity from the Essex airport in protest at the level of fees charged by previous owner BAA.
“We are in active discussions with the new owners of Stansted airport and the new management at Dublin airport and while no agreements have yet been reached, if a competitive cost base emerges, then we could restart growth at one or other airports as early as September 2013,” said O’Leary.
Over the last year, Ryanair has added seven new bases including five in Europe and two in Morocco, as well as introducing 217 new routes to increase its network beyond 1,600 routes.
The Irish-based airline has also ordered 175 Boeing 737-800s which will start being delivered from autumn 2014.
ryanair.com