'Warm and cuddly' Ryanair expects to carry an extra million passengers

He cautioned that full-year profits would depend on Ryanair's performance in the second half of the current financial year.

"The full-year profit outturn continues to be heavily dependent on second-half yields over which we have very little visibility at present," Mr O'Leary added.

The company’s shares rose as much as 4.2pc in early day trading.

Ryanair, which has faced increased competition from the resurgence of its rival easyJet, has also targeted the business market as companies have sought to cut the cost of their employees travelling abroad.

Its "Business Plus" service provides benefits such as greater baggage allowance, priority boarding and premium seats.

Ryanair will open new bases in airports in Cologne, Gdansk and Glasgow, as well as introducing more frequent flights between Dublin and cities in the UK and elsewhere in Europe.

The company expects to report slightly stronger traffic growth in its European winter schedule as a result. Mr O’Leary has also hinted at plans to offer cheap flights beyond the continent.

The budget airline reported a 152pc surge in first-quarter profits for the year on the back of a busy Easter period.

Earlier this month, Ryanair agreed to buy 100 aircraft from Boeing for £6.75bn, with an option to purchase another 100 planes. The huge order was aimed at meeting the Irish airline's long-term growth target of 150m customers by 2024.

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