Ryanair Profit rose 66% to €867m (£614m; $948m)!

Ryanair net profit for the year to the end of March rose 66% to €867m (£614m; $948m), better than analysts’ expectations and budget forecasts of €850m.

The airline’s slogan, “Always Getting Better” customer experience programme, and our motto of listening and responding to our customers, had attracted

“millions of new customers to Ryanair” from all markets, chief executive Michael O’Leary said.

The Irish airline said traffic for the three months to 30 March was expected to rise by 25%, while falling oil prices would cut costs by 5%.

Ryanair said: “We believe that any growth in profits will be modest as our fuel is hedged at $92 [ a barrel], whereas some competitors… will be significant beneficiaries of lower oil prices

and this may lead to downward pressure on airfares in 2015-16.”

Neil Sorahan, Ryanair chief financial officer, said the falling oil price might benefit other airlines in the short-term, but added: “They still don’t have the advantage that we have of a very,

very low ex-fuel cost per passenger – some 70% lower than the next closest, Easyjet. Hedging is all about certainty.”

Passenger traffic was up 11% to 90.6 million customers, while total revenue rose 12% to more than €5.6bn.

To cope with rising demand, Ryanair said it had ordered 183 Boeing 737-800 planes for delivery from 2014-18, and 200 Boeing 737 Max 200s from 2019-2023.

The new aircraft will be cheaper to finance and operate, with engines 18% more efficient than their predecessors, the company said.

Much of the growth in passenger numbers is being driven by its new Business Plus and Family Extra services, it added.