Ryanair set to lift profits 'as early summer fare increases outpace cost increases'

Airline has set out its ambition to expand in central and eastern Europe

Ryanair has set out its ambition to expand in central and eastern Europe and forecasts a huge surge in passenger numbers in the region.

Ryanair is set to earn profits of €1.87bn in its financial year, as a 45% increase in early summer fares and huge demand for air travel outpace increases in fuel and crew costs, a leading aviation analyst has predicted.

Mark Simpson at Goodbody said the broker has increased its after-tax profit forecast for Ryanair for the financial year, which runs to the end of March in 2024, to €1.87bn from its earlier forecast of €1.66bn.