Business continues to boom for Ryanair

The airline's profits are up by 43%

Business continues to boom for Ryanair

Michael O'Leary | Image: Stefan Rousseau / PA Wire/Press Association Images

Ryanair has experienced a massive surge in profits. The airline's full-year results show it made €1.2bn over the past 12 months - that's a 43% increase on the previous year.

It has also become the first airline to carry over 100 million international customers in a year - the total number of customers transported increased by 18%, while the company's average fare dropped by 1% to €46.67.

The cost for carrying each individual fell by 6%, despite the fact that it hedged its oil supply to 2014 rates, which are significantly higher than today's prices.

Ryanair received 41 new planes, which helped it to bring services to seven new bases.

The company revamped its website and launched a new app, and continued its 'Always Getting Better' campaign during the 12 months.

Ryanair’s Michael O’Leary, said, "The 2016 financial year was a year in which we delivered significant traffic and profit growth in all four quarters (despite an average oil price of $90bbl as a consequence of hedges put in place in 2014) as our 'Always Getting Better' service programme is attracting millions of new customers to our lowest fare/lowest cost model."

Ryanair said that it hopes its net profit will increase by 13% by March 2017.

The profits don't include the proceeds from the firm's sale of Aer Lingus shares.

Kenny Jacobs is Ryanair's chief financial officer - he told Newstalk that European markets have continued to embrace the company's low-cost model: