Is Ryanair crying wolf again?

Another impressive set of full-year results from budget air carrier Ryanair, another warning from Chief Executive Michael O'Leary. But could this be the first time his downplayed expectations prove accurate?

Another impressive set of full-year results from Ryanair (ISE: RYA), another warning from chief executive Michael O'Leary. Announcing pre-tax profits up 33% to a record e451m for the year, Ryanair's share price nonetheless slid by 7% as O'Leary warned that profit growth could fall to 5% this year. Average fares rose by 7% and passengers jumped by 22% to 42.5 million in the past year, but yields (revenue per seat) have recently come under pressure amid softening demand. O'Leary puts this down to a range of factors, including higher interest rates and air passenger duty and "swingeing airport charges".

Ryanair results: What the commentators said

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