Ryanair posted an 11% increase in net profit after the budget airline experienced robust growth in traffic volumes. Net profit for the six months through September rose to €1.29bn, boosted by 11% growth in traffic volumes and lower fuel costs. Ryanair stuck to its annual earnings guidance, despite recently having to cancel hundreds of flights due to an issue with staff holiday rostering. "These strong H1 results reinforce the robust nature of Ryanair's low fare, pan-European growth model even during a period which suffered a material failure in our pilot rostering function in early September," chief executive Michael O'Leary said.
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