Low-cost airline Ryanair has report profits after tax of €569 million for the year to March 31st, a 13 per cent increase on the figure from the previous year.

The figure comes on revenues of €4.88 billion euros.

Passenger traffic at the Irish carrier grew five per cent to 79.3 million, as the airline added 217 new routes to its roster, bringing the total to 1,600.

However, fuel costs rose by more than €290 million, with Ryanair confirming fuel now accounts for 45 per cent of total costs.

Chief executive Michael O’Leary said: “Delivering a 13 per cent increase in profits and five per cent traffic growth despite high oil prices during a European recession is testimony to the strength of Ryanair’s ultra-low cost model.”

The sometimes controversial O’Leary went on to add growth would be slower in the 2013-14 financial year at Europe’s largest budget airline, thanks to rising oil prices and “unjustified higher Eurocontrol and Spanish airport charges”.

Ryanair expects profits to total between €570 million and €600 million for the coming year.

In March, Ryanair placed an order with Boeing for 175 planes worth £10.3bn to be delivered between 2014 and 2018.

The deal will increase its fleet by a third to 400 planes.