Ryanair shares up nearly 3% on strong profit forecast

Shares in Ryanair closed nearly 3% up yesterday as the airline increased its full-year profit guidance on the back of a strong first quarter and early indications of a promising summer booking season.

The airline which, at the start of the summer, posted its first annual profit decline in five years; yesterday suggested that performance was a mere blip by comfortably beating market expectations with figures for the first quarter of its current financial year.

Yesterday’s figures showed Ryanair generated after-tax profits of €197m for the three months to the end of June; 152% up on the corresponding period last year and some €40m ahead of market consensus opinion.