Ryanair estimated that post-tax profits for the current financial year, ending March 31, 2015, will be between €620 million and €650 million.
This would be around 21 per cent more than the post-tax profits in 2014 of €523 million, however it did warn that this will depend on what it earns between the winter periods of September to March, which are likely to be more challenging. CEO Michael O'Leary was keen to warn against "irrational exuberance".
Ryanair is currently on track to achieve the projected figures, with post-tax profits for the three months ending June 30 of €197 million, a 153 per cent increase from €78 million for the same period last year. This is mainly attributable to an increase in air fares and more seats being sold per flight.
In order to make sure it stays on track, Ryanair is planning on targeting more business customers.
It wants to have two thirds of the business travel market between Dublin and London and 75 per cent of all business travel between Ireland and the UK. Kenny Jacobs, Ryanair's marketing manager, estimates that around half of the 9.7 million travellers between Ireland and the UK are business passengers.
It plans to increase the number of seats by 8 per cent and take advantage of growth discounts, as well as building out business routes. This is likely to push fares down and may potentially start a price war.
Ryanair's changing image, improved customer service and an increase in flights to primary airports may also have been responsible for the increase in profits.
