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Low-budget airline Ryanair has confounded expectations by registering another impressive leap in profits.

Publishing its third-quarter results, the airline revealed that in the three months to December 31st it enjoyed a 30 per cent year-on-year increase in profits after tax to €47.7 million (£31.45 million).

Revenue grew by 33 per cent to €492.8 million (£324.93 million), with passenger numbers rising by 19 per cent from 8.6 million to 10.3 million.

"This exceptional 30 per cent increase in third-quarter profits during a period of higher oil
prices, intense competition, and 21 per cent seat capacity growth demonstrates, yet again, the robustness of Ryanair's lowest fare model," Ryanair chief executive Michael O'Leary said.

Looking ahead to the fourth quarter, Mr O'Leary predicted that passenger volumes would rise by a quarter but warned that fuel costs would remain high.

"We now have some visibility over fourth-quarter bookings and anticipate that yields will be in line with last year, a better out-turn than the small decline we had previously expected," he added.

Ryanair's forecast for its end-of-year profits are now expected to rise by 29 per cent to €390 million (£257.22 million), an increase on the 16 per cent profit growth previously predicted.

Shares in Ryanair rose by two per cent on early morning trading.