Ryanair saw its pre-tax profit rise 204% for the 12 months to March 31, year on year, alongside traffic growth of 14% to 67 million.
The airline says that it benefited from lower fuel prices and “rigorous cost control” over the period.
Ryanair also said that capacity cuts by many European flag and non-flag carriers caused traffic to fall at many major European airports and it was “inundated with offers” from large and small airports to offer Ryanair slots.
Ryanair’s results come as full service flag carrier British Airways faces a summer of disruption caused by striking cabin crew. Low cost rival easyJet is also facing the distraction of a court battle with founder Stelios Haji-Ioannou over the licensing terms for the “easy” prefix.
Commenting on the closure of European airspace following the eruption of the Icelandic volcano, the airline said it caused the cancellation of 9,400 Ryanair flights and the loss of 1.5m passengers up until 18 May. It estimates the cumulative exceptional costs of reimbursing fliers to be in the region of €50m (£41.9m).
Looking ahead, the airline expects traffic to grow by 11% and higher yields per passenger to offset rising fuel costs and the expense of flier reimbursements.