Ryanair has posted a 34 per cent year-on-year increase in annual profit to a record €1.92 billion.

The airline expressed “cautious optimism” that peak summer fares would be flat to modestly ahead of last year.

The result was slightly ahead of the €1.91 billion profit expected by analysts.

Ryanair, Europe’s largest by passenger numbers, also said it would be 23 jets short of the number Boeing was due to deliver by the end of July and there remained a risk that deliveries could slip further.

During the 2024 financial year, the airline saw a 9 per cent increase in traffic, rising to 183.7 million passengers.

The year also brought the addition of five new bases, and over 200 new routes open for this summer.

However, costs were also on the up, with Ryanair noting a 32 per cent increase in its fuel bill, rising €1.25 billion to €5.14 billion for the year.

-Reuters.