A damp summer in Britain has helped Ryanair advance its profit outlook by 25%.
The weather coupled with cheaper fuel and a strong pound gave the carrier a record number of bookings in late summer.
Ryanair said it now predicts that profits for the whole year will be in the range of €1.18 billion to €1.23 billion. This is a quarter more than previously expected.
Michael O'Leary, chief executive, said the company was surprised by how many “close-in bookings and fares” they had this summer. They had expected fares to be flat, but welcomed an increase of over 2% during July and August.
He recognised that other airlines had benefitted from late bookings due to the poor weather in much of northern Europe.
Mr O’Leary also predicted that the winter would usher in a period of continual price wars.
Ryanair, he said, did not “expect these favourable conditions will persist” and he urged shareholders and analysts “to avoid irrational exuberance while we continue to execute our very ambitious growth plans during what we expect to be very attritional and sustained fare wars across Europe this winter."
