Profits soar for 'Tesco of the airline industry'

Ryanair witnesses more than 200% increase in profits on last year

CEO Michael O'Leary, who owns 4% of the company, is set to receive a 20m euro payout [Getty Images]
CEO Michael O'Leary, who owns 4% of the company, is set to receive a 20m euro payout [Getty Images]

Ryanair has reported profits of 319m (US $389m) euros for the year to March - an increase of 204% on the same period in 2009.

Although the figure doesn’t include losses from the volcanic ash cloud, for the first time since it was floated in 1997, the carrier is planning to pay a 500m euro ($610m) dividend.

CEO Michael O'Leary, who owns 4% of the company, is set to receive a 20m euro ($24m) payout, according to a report on Sky News.

Ryanair's results also saw traffic bounce back 14% from 2009 levels and the company now flies nearly 1000 routes.

"We're piling it high and selling it even cheaper," Ryanair Boss Michael O'Leary told Sky News.

"The reality is 99% of people before they book a flight - the first question they ask is not 'whose got the best wine list' it's 'whats the cheapest price' - if you've got the cheapest price you win. We're the Tesco of the airline industry - people may not love us but they'll certainly fly with us."

Ryaniar expects traffic to increase by 11% and profits to rise by 10-15% in the coming years.

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