Budget airline Ryanair has reported a pre-tax profit of €341m (£285m) for the year ending 31 March 2010, compared with a loss of €180.5m (£151m) last year.

A 14 per cent increase in passenger numbers during the 12-month period has enabled the Ireland-based carrier to report a 2 per cent growth in revenue. The company shelved plans to order 200 new aircraft from Boeing in December 2009 and expects to generate €1bn (£835m) in surplus cash by the end the financial year to 2013.

Ryanair chief executive officer Michael O'Leary said: "Capacity cuts by many European flag and non flag carriers caused traffic to fall at many major European airports. "We are inundated with offers from large and small airports competing with lower costs and efficient facilities to win Ryanair's growth."