Ryanair has recorded a 42% increase in profit after tax in the first half of its financial year, totalling €2.54bn.

The airline saw its traffic jump by 3% to a record 119 million passengers, while its revenue increased by 13% to €8.69bn.

Ryanair said the results were driven by a strong Easter, weak prior-year comparisons and fare recovery in the second quarter.

In the 26 weeks to 30 September, Ryanair’s average fare jumped by 13% to €58.

Despite this growth, the airline’s chief executive officer, Michael O’Leary, said the EU has “done nothing” to improve European competitiveness, adding that air traffic control reforms are needed to ensure that ATC providers in France, Germany and Spain are fully staffed.

He added: “While the Commission stands idly by, the EU Parliament is proposing even more stupid rules (such as further increasing free carry-on luggage limits - even though there is no room in the aircraft cabin for these extra bags) which will only lead to more airport security and flight delays as well as higher costs, and higher fares for Europe's consumers.”

In its outlook, Ryanair increased its traffic for the full financial year to 207 million passengers, up from 206 million, due to earlier than expected Boeing deliveries and strong demand in the first half of the year.

It added that while Q3 forward bookings are slightly ahead of the previous year, particularly across the October mid-term and Christmas peaks, it remains cautious in facing more challenging prior year fare comparisons in the second half of the year.

Ryanair said that it remains too early to provide meaningful profit after tax guidance for the full financial year, but it expects to recover all of last year's 7% full-year fare decline, which should lead to "reasonable net profit growth".

Investment director at AJ Bell, Russ Mould, said that while Ryanair is "flying high" in its latest results, O’Leary is "never one to miss an opportunity to have a pop at someone or something".

He concluded: "The European Commission is on the receiving end of fierce criticism about a lack of reform in the sector. Parts of Europe continue to suffer from air traffic control strikes, which cause endless chaos to passengers and disruption to earnings for airline operators. It’s understandable that Ryanair and its peers want a resolution, or at least some form of protection.

"Ryanair is also one of several airline operators with an eagle eye on taxes and costs. It is no longer putting up with unfavourable tax systems, preferring to switch flights and routes to less punitive locations. As a low-cost operator, every penny matters, and Ryanair has made it perfectly clear that it has no qualms in relocating to regions and airports that offer incentives to support growth."

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