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Record Ryanair profit as passenger numbers grow

Discount airline Ryanair revealed record annual profit, despite higher oil costs, as it added new routes and new aircraft.

Discount airline Ryanair revealed record annual profit, despite higher oil costs, as it added new routes and new aircraft.

The Dublin based company said profit after tax grew to €569m in the year ended March 31st 2013 from €503m the same time a year earlier. The group added 5% more passengers in the year bringing the total to 79.3m, despite grounding up to 80 winter aircraft.

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Full-year revenue rose 13% to €4.33bn as it added 15 new aircraft to its fleet bringing the total number to 305 planes at the year-end. It added 217 new routes and seven new bases have added in Croatia, Greece, the Netherlands, Morocco and Poland.

Fuel costs rose by over €290m, and now represent 45% of the group's total costs.

Passenger traffic is expected to increase just 2% this summer but should increase to around 5% in the second half as it grounds fewer winter aircraft compared to the prior years. Traffic in the full year 2014 is set to grow by 3% to 81.5m, it said.

Ryanair is 90% hedged for its fiscal 2014 fuel bill at $980 a tonne and partially hedged for the financial year ending 2015 at $930 a tonne.

The group said it hopes to continue to make reductions in its oil costs into 2015.

Its shares rose 6.22% to €6.72 at 09:00 in London.

CJ

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