Ryanair made a €319 million profit last year after tax – that is a massive 204% increase on the previous year.

Annual results posted this morning show the company carried over 66 million passengers in the year to the end of March, an increase of 14%.

The company is predicting an increase of between 5 and 10% in air fares in the next 12 months.

Michael Cawley is Ryanair’s Deputy Chief Executive – he says that should be looked at in the light of two years of falling prices.

“What we’re seeing is a revival somewhat of consumer demand – however we’re not being very optimistic about that” he said.

“So the five percent increase that we’re predicting is against the background of those fares having fallen by 12 percent in the last year and by 5 percent in the year prior to that” he added.

Ryanair Chief Executive Michael O’Leary says they have seen more cash-strapped customers heading their way.

“Increasingly, everybody is switching to the low fares airlines – mainly Ryanair and Easyjet” he said.

“We now dominate the market – I mean , this year Ryanair will carry three-times more passengers than British Airways world-wide” he added.