No-frills airline Ryanair has announced a significant increase in full-year profits following a more than 20% hike in its fares.

The airline reported a 34% surge in profits for the year ending in March, reaching €1.92 billion (£1.64 billion), despite facing a notable increase in fuel expenses.

As Europe’s largest airline in terms of passenger numbers, Ryanair stated its potential to transport up to 200 million individuals this year, contingent upon the timely delivery of Boeing aircraft it has on order. However, it cautioned about the persistent risks of potential delays in Boeing deliveries.

Ryanair disclosed a shortfall of 23 Boeing 737s expected to be delivered by the end of July. It emphasized its ongoing collaboration with the aerospace giant to enhance quality and expedite delivery schedules.

Throughout the year, Ryanair served 183.7 million passengers, with average fares experiencing a 21% rise.

Although summer bookings surpassed last year’s figures, the fares did not reach the anticipated levels. Despite this, Ryanair expressed cautious optimism, expecting summer fares to remain either unchanged or slightly higher than last year.

Ryanair refrained from providing profit forecasts for the current year, citing heavy dependence on avoiding adverse events such as conflicts in Ukraine and the Middle East, extensive air traffic control disruptions, or further delays in Boeing deliveries.