Ryanair has posted record profits of Euro 503 million, in the last year's trading to March 2011, up 25% on the previous year and exceeeding analysts expectations. This despite increased oil prices of around 30%, which have pushed ticket prices higher by 16%.

They have dampened market expectations already for the year to March 2013, with a statment that they expect profits in this period to be down by 20% given the current european economic crisis.

However preparing the market for bad news and then producing good to better results is a common strategy and the CEO Michael O' Leary, can spin a story with the best of them.