Ryanair has reported a ten per cent increase in full year profit after tax to €1.45 billion.

The low-cost carrier said lower fares, which were down by an average of three per cent, stimulated traffic growth to over 130 million guests last year.

The airline also saw an industry leading 95 per cent load factor.

Ryanair chief executive Michael O’Leary said: “We are pleased to report a ten per cent increase in profits, with an unchanged net margin of 20 per cent, despite a three per cent cut in air fares during a year of overcapacity in Europe, leading to a weaker fare environment, rising fuel prices, and the recovery from our September 2017 rostering management failure.”

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