Ryanair announces raise in profit

Ryanairs chief Michael O'Leary has indicated that holidaymakers are starting to venture abroad again, with his airline reporting an expected full year net profit of 275m euros.

The airline did record a loss of 10.9m euros in the October - December period but that was much less than the 101.5m euros loss recorded during the same period in 2008

Ryanair stated that the outcome had been helped by a 37% reduction in fuel costs along with the removal of non-profitable routes, which was offset against a 12% drop in ticket prices.

Despite the encouraging findings the airline still warned that the market will reamain very difficult for a long time yet, however the budget airline continues to take business from its rival airlines and is expected to do well in Italy, Spain and the Uk.

The airline has come in for fierce criticism in recent times over numerous additional charges on top of its standard ticket prices. Ryanair chief operating officer Michael Cawley said in an interview with the BBC such criticism was not a concern to the company when it was expanding so fast. He said Ryanair was the fastest growing airline in Europe and one of only two that were growing at all.