Ryanair to cut fares as it sees profits surge for 2016

Ryanair has witnessed a massive surge in profits.

The airline's full-year results show it made €1.2bn over the past 12 months, that is a 43% increase on the previous year.

It has also become the first airline to carry more than 100 million international customers in a year.

The profits do not include the proceeds from the firm's sale of Aer Lingus shares.

Ryanair’s Michael O’Leary, said: "Full Year 2016 was a year in which we delivered significant traffic and profit growth in all four quarters, despite an average oil price of $90bbl as a consequence of hedges put in place in 2014, as our 'Always Getting Better' service programme is attracting millions of new customers to our lowest fare/lowest cost model."

The low-cost airline said it plans to cut fares by 7% this year as it bids to maintain market share across a European airline industry that has been hit by the terror attacks in Brussels and Paris.

The impact of the recent EgyptAir plane crash may further weaken the appetite for international travel over the coming months.