Ryanair chairman David Bonderman has told shareholders that the airline’s management has scrapped all plans to launch a trans-atlantic service, in favour of continuing its growth surge in Europe.

Ryanair shares surged as much as 10% yesterday as the airline indicated it had one of its most profitable summers in years.

Ryanair has warned against any “irrational exuberance” regarding its medium-term prospects, despite it upping its own full-year profit guidance for the second time in as many quarters, yesterday, and seeing its share price jump by over 10% on the back of a strong set of first half results.

Ryanair’s deputy chief, Howard Millar, is to leave the company at the end of December — the second senior management figure to step down this year.

RYANAIR is forecasting an increase in profit of between 5% and 10% over the next 12 months after hedging most of its fuel needs for this summer.