Profits At Ryanair rise to €1.3billion

Ryanair reported a 6% increase in full year net profit. The total profit made by the airline was 1.316billion euro. The airline reduced fares by 13% in 2016, with a 13% increase in traffic with 120m customers. Unit costs fell by 11%, with fuel costs down 5%.

The average flight cost just €41. Taking a look at 2017 the company added 52 new B737s and launched 206 new routes.

It also launched 10 new bases in Bucharest, Corfu, Frankfurt Main, Hamburg, Ibiza, Nuremberg, Prague, Sofia and Vilnius.

Ryanair fleet will grow to 427 by 2018, with plans to open a base in Naples, Aviv and the Ukraine.

Ryanair also announced Ryanair Sun a charter airline operated in Poland, with a fleet of 5 aircraft. Ryanair is currently Poland's largest scheduled airline.

With competitors in many European countries under deep restructuring Ryanair say "the scale of our airport growth negotiations is accelerating. We continue to juggle more opportunities for 2018 and 2019 than our existing fleet growth can accommodate. Accordingly, we are engaged in a fleet review with Boeing".

This year Ryanair have had a 87% punctuality record down from 91% last year.

Ryanair also mention their disappointment with the UK decision to leave the European Union, having campaigned for a remain vote. They hope that the UK will remain in Open Skies with no change for their customers. However the British Government plan to leave the Open Skies programme.