Ryanair has today reported a four per cent rise in quarter one profit to €256 million.

Over the same period traffic at the low-cost carrier grew 11 per cent to 31 million, while the average fare fell ten per cent to €39.92, offset by a nine per cent reduction in unit costs.

Ryanair chief executive Michael O’Leary said: “This modest four per cent increase in quarter one profit to €256 million is in line with previous guidance.

“The absence of Easter in quarter one and on-going market volatility arising from terrorist events, and repeated ATC strikes (particularly in France) weakened fares on close-in bookings and caused almost 1,000 flight cancellations.

“We remain committed to our load factor active/yield passive strategy which is why quarter one fares fell ten per cent to under €40.”