Ryanair has raised its full-year profits forecast and announced a significant rise in half-year net profit in its latest financial results.

Full-year profit is now set to be between €750 million (£587 million) and €770 million, compared with its previous forecast of €650 million, while half-year net profit was €795 million - a rise of 32 per cent on the same period last year.

Traffic grew four per cent to 51.3 million customers, while average fares increased by five per cent and total revenues climbed by nine per cent to €3.5 million.

The company said it expects growth in traffic of 16 per cent (5.3 million customers) in the second half of the year, while its fares are set to fall. 

Ryanair stated that its business model is performing well but work needs to be done over the next 12 months to develop the Always Getting Better programme.