Ryanair Sees Profit Soar 10% In First Half

Ryanair has reported an after-tax profit of 596m euro (£477m) for the first half of 2012, up 10% on the same period last year.

The budget airline's results beat analysts' expectations thanks to a surge in passenger numbers over the summer and a lower fuel bill. 

It said traffic was up 7% - 48m passengers flew with Ryanair over the period - and fuel costs were lower than forecast because of a saving programme.

The Dubin-based company, known for its low cost tickets, added that average fares were up, helping to boost revenue by 15% to 3.1bn euros (£2.48bn).

Chief executive Michael O'Leary said: "Profits exceeded our expectations driven by a combination of strong summer bookings, particularly post the Olympics, a 6% rise in average fares, and lower than forecast fuel bill due to the successful implementation of our fuel savings programme."

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