Ryanair half year profits
November 1st, 2010 by elisa

Ryanair picture by Flickr User tom.snaps

At the financial half year point Ryanair has seen profits jump 17% to  €452m.

Chief executive Michael O’Leary said: “A 17% increase in half year net profit to €452m is testimony to the robustness of Ryanair’s lowest cost fare model which continues to deliver traffic and profit growth even during a deep recession.

“We continue to gain market share across Europe from the big three high fare flag carrier groups led by Air France, BA and Lufthansa. We expect this trend to continue.”

Ryanair also welcomed news that airport operator BAA will be forced to sell Stansted. “This, we hope, will allow the new owners to work with Ryanair to reverse Stansted’s traffic declines in recent years under the BAA monopoly’s high costs and mis-management.”

It is cautious about the rest of the year’s outlook, however it said it expects to perform better than previously predicted this winter and full year profits should be higher than originally forecast.

“We now believe that full year net profit will exceed the upper end of our previous forecast range (€350m to €375m) and will now finish (subject to Q4 yields) within a range of €380m to €400m.”

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