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Strong Easter helps Ryanair to 55% profit rise in Q2

Strong Easter helps Ryanair to 55% profit rise in Q2

If Ryanair does not have certainty, he warned the airline may be forced to cancel flights and move some, or all, of its UK-based aircraft to continental Europe from April 2019.

The airline had an increase of profits of £3 per passenger from this time past year but expects fares to by up to fall 5 percent this summer.

It is still expecting its full year post tax profit to remain in a range of €1.40 billionn to €1.45 billion, with a marginal rise in passenger numbers of 1 million to 131 million.

The profit of 397 million euros (S$631 million) after tax compared to an average forecast of 366 million euros in a company poll of analysts.

Traffic grew 12% to 35m as Ryanair's lower fares and "Always Getting Better" (AGB) programme delivered a record 96% load factor.

Ryanair returned €204 million to investors through share buy backs during the quarter.

Ryanair notes the results are flattered by the fact that Easter fell in April this year, skewing comparisons with 2016, when it was in March.

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Chief executive Michael O'Leary said 90pc of its fuel requirements were hedged next year at $49 per barrel and that it had taken advantage of recent price dips to increase its hedging level in the first half of 2019 to 45pc at $48 per barrel, giving it firepower to charge less for its flights.

Without a deal, United Kingdom airlines could lose their right to fly to and from Europe or operate within the EU.

After a hard winter past year, the company said it expects the pricing environment to remain very competitive into H2 where traffic will be higher by approximately 7%.

It will increase the number of craft at Frankfurt to seven from two in September.

Irish airline Ryanair has reported a 55 per cent rise in first quarter profits to €397m, but has still urged caution, while warning it could move its planes out of the United Kingdom entirely if no post-Brexit aviation deal is sorted in good time.

The airline said it continued to campaign for the United Kingdom to remain in the EU Open Skies agreement, but added that it had "contingency plans in place and will, as always, adapt to changed circumstances in the best interests of our customers and shareholders". Also in the autumn, it intends to open further bases in Memmingen, near Munich, in Germany and Poznan in Poland. The carrier ordered 10 additional Max 200s in June, for a total of 110, and has extended leases on 10 older 737-800s. Five of those will arrive in spring 2019 and the remainder are due in spring 2020.