Ryanair unveils record profits but warns of growth slowdown

Suzie Neuwirth

LOW-COST airline Ryanair today announced a 13 per cent increase in profits, a record high for the company despite rising oil costs.

Profits after tax grew to €569m (£481m) for the year ended 31 March, compared to €503m the previous year.

Fuel costs rose by over €290m and now represent 45 per cent of total costs, the company said.

However, Ryanair forecast a slowdown in growth in the coming year due to the EU-wide recession, predicting it would come in flat at €570m or at most €600m.