Ryanair has cautioned over ongoing steep hikes in air fares as it posted a 59% jump in first-half earnings after record summer demand and higher prices offset rising fuel costs.It warned that restrained air capacity across Europe and engine repair woes for some of its rivals is set to mean average fares will remain firmly in double digits this winter.
Rising prices, together with a marked recovery in demand for air travel over Easter and the summer, helped counter a 29% rise in first half fuel costs to help it post a 59% surge in after-tax profits, to 2.18 billion euros for the six months to September 30. But the half-year was marred by disruption from wildfires across Europe in searing heatwaves, air traffic control strikes and a system failure across the UK over the August bank holiday that saw airports grind to a halt at one of the busiest weekends.