Ryanair hikes annual profit guidance by 25%

Ryanair's profit guidance is heading higher
Ryanair's profit guidance is heading higher
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Budget airline Ryanair has hiked its full-year profit guidance by 25 per cent following stronger-than-expected trading over the peak summer period.

The Irish carrier had previously forecast a net profit of between €940 million (£611m) and €970m, but today said it has lifted that range to between €1.175bn and €1.225bn.

Ryanair saw its first-half traffic grow by 13 per cent, ahead of its 10 per cent guidance, while fares – which were expected to be flat – rose more than 2 per cent.

Chief executive Michael O’Leary said: “We have been surprised by the strength of close-in bookings and fares this summer.

“Being the airline industry we do not expect these favourable conditions will persist, and we would urge shareholders and analysts to avoid irrational exuberance while we continue to execute our very ambitious growth plans during what we expect to be very attritional and sustained fare wars across Europe this winter.”