Ryanair has posted a 55% rise in first quarter profit to €397m.

This result is distorted by the timing of Easter in the first quarter, with no holiday period in the prior year comparative. Traffic grew 12% to 35m as Ryanair’s lower fares and “Always Getting Better” (AGB) programme delivered a record 96% load factor. Ryanair took delivery of 14 new B737’s in the first quarter, ahead of the peak summer period.

Ryanair’s CEO Michael O’Leary said:

“We are pleased to report this 55% increase in PAT to €397m but caution that the outcome is distorted by the absence of Easter in the prior year Q1. While Q1 ave. fares rose by 1% to just over €40, this was due to a strong April (boosted by Easter) offset by adverse sterling, lower bag revenue as more customers switch to our 2 free carry-on bag policy, and yield stimulation following a series of security events in Manchester and London.”

In June the airline has ordered 10 more B737-MAX-200 “Game Changer” aircraft. Five of these will be delivered in spring 2019 and 5 more in spring 2020. In addition, Ryanair agreed extensions of 10 operating leases.