Ryanair raises forecast for earnings after strong start

RYANAIR has upgraded its full-year earnings forecast after delivering record first-quarter profits.

The low fares carrier had expected profits in the current financial year, which ends on March 2008, to be about 5% up. But it has upgraded the forecast to growth of 10% following after a strong start to the year.

The positive trading outlook saw Ryanair shares gain as much as 15% yesterday.