Ryanair has reported pre-tax profits of just under €339m for the year to the end of March. Adjusted after-tax profits were 12% higher than the previous year at €302m, ahead of expectations.
Passenger numbers grew by 26% to 35 million, while revenue was up 28% at just under €1.7 billion. Yields, or average fares, were up 1%.
The airline's fuel costs jumped by 74% to €462m, leading a 5% increase in total costs. But Ryanair said costs fell by 6% excluding fuel.
Chief executive Michael O'Leary said the airline had delivered record profits despite higher oil prices, intense competition and the absence of Easter from its fourth quarter this year. He said the key to its growth was its refusal to introduce fuel surcharges on passenger fares.
Ryanair has moved to hedge 90% of its oil needs from June to October at an average price of $70 a barrel, but it is unhedged after that month.
The airline said its recent introduction of web check-in and charges for bags were running ahead of expectations. Mr O'Leary said Ryanair was aiming to boost ancillary revenues - revenues other than fares - and was close to finalising mobile phone services and website gambling on board its planes. Ancillary revenues for the year rose from €191m to €259m.
Mr O'Leary was cautious on profits for the coming year, signalling growth of 5-10% with yields flat. He added that winter trading would be affected by the launch of new routes, higher oil prices and what he called 'further price dumping' by rivals.
Ryanair shares closed 20 cent lower at €6.68 in Dublin this evening.
