Ryanair posts record net profits

<p>Despite the results, the budget airline has warned it expects growth to slow in the coming year.</p>

Ryanair has recorded record full-year earnings, but has warned growth of its profits will be much slower over the next 12 months. 

The largest budget airline in Europe, the company has posted a net profit of €569 million (£480 million) for the year to March, an increase of 13 per cent and higher than forecasts by industry experts. 

However, it warned profit for the coming financial year will be no higher than €600 million  - which would be a five per cent increase – and could be flat at €570 million.

In a statement, chief executive Michael O'Leary said: "With almost zero yield visibility into [the second half of the year] and the EU-wide recession, we expect that there will continue to be downward pressure on yields which will dampen full-year profit growth."

Ryanair ordered 175 new jets from Boeing in March, but will not receive these until 2014. It expects to see a three per cent increase in passenger numbers over the next 12 months, which would be a slight fall from the five per cent rise for the year to March.

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