RYANAIR has reported record full-year profits with tax profits of €569m for the year to the end of March, up 13 per cent on the previous year.
The news has seen the airlines share price rise in Dublin.
The company saw revenues for the year rose to €4.88 billion as passenger numbers at the airline grew by 5 per cent to 79.3 million.
The past year has seen Ryanair start flying on 217 new routes.
They have also open seven new bases – at Chania in Greece, Eindhoven and Maastricht in the Netherlands, Fez and Marrakech in Morocco, Krakow in Poland, and Zadar in Croatia.
Fuel costs went up by over €290m during the year and now represent 45 per cent of total costs, according to the airline.
Ryanair said it expects growth opportunities to continue for the foreseeable future.
Chief executive Michael O’Leary said: “Delivering a 13 per cent increase in profits and 5 per cent traffic growth despite high oil prices during a European recession is testimony to the strength of Ryanair’s ultra-low cost model.”
However, Mr O’Leary warned that growth would be slower in the 2013-14 financial year thanks to rising oil prices and “unjustified higher Eurocontrol and Spanish airport charges”.