Ryanair shares soar on strong profits

<p>Ryanair has enjoyed a prosperous morning on the London Stock Exchange as its profits soar.</p>

Shares in Ryanair have soared on the London Stock Exchange today (November 5th) on news the low-cost airline has enjoyed good profit results.

The budget carrier announced that its profits for the first half of the year rose by ten per cent to €596 million (£476 million) and revenues were up by 15 per cent to €3.11 billion.

Traffic grew by seven per cent to 48 million passengers, while average fares increased by six per cent.

Ryanair stated that its first-half profit growth during a period of high oil prices and continuing austerity in Europe is a strong result for the company, while it also enjoyed good custom post-Olympics.

"Ryanair sees substantial opportunities to grow by deploying our industry-leading low costs, low fares and on-time flights with our youngest, largest and safest fleet of Boeing 737s," the airline stated.

At 11:50 GMT in London, Ryaniar shares advanced by 7.3 per cent to €4.87 per share.

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