Ryanair profit up – but forecast flat

Ryanair has reported a 26 per cent rise in annual profit to 401m euros £348m.

But the airline says high fuel cost, and a lack of growth in capacity, will mean no increase in profit next year.

It forecast a four per cent growth in passenger numbers in 2012, to 75m, and said that average fares would rise in line with increased fuel costs.

The airline saw 14,000 flights cancelled during the year to 31 March due to volcanic ash, snow and strikes.

It also said its fuel costs rose by 37 per cent during the 12 months.