Ryanair has reported a 6% increase in full year net profit, to €1.3bn, on sales of €6.6bn (+2%). Passenger traffic was up 13%, to 120 million, as average fares fell (also by 13%) and load factor rose to 94%.

During FY17, the company took delivery of 52 new Boeing 737s, launched 206 new routes, and opened 10 new bases at primary airports in Bucharest, Corfu, Frankfurt Main, Hamburg, Ibiza, Nuremburg, Prague, Sofia, Timisoara and Vilnius. The  fleet is scheduled to grow to 427 aircraft by March 2018, and the company says it is taking up opportunities to accelerate fleet growth in 2018 and 2019.

The company also announced the launch of its Ryanair Sun charter airline, which will have a Polish AOC and management team. This airline will launch in summer 2018 with a fleet of 5 aircraft, growing to 15 by summer 2019.

In view of the uncertainties surrounding Brexit and the terms of the UK’s departure from the EU in March 2019, Ryanair plans to remain “flexible”. The company says it will continue to “pivot growth away from the UK” in 2017 and 2018 to capitalise on growth opportunities elsewhere in Europe.

In the meantime, Ryanair continues to fine-tune its low cost business model. The company recently announced a partnership with Spanish carrier Air Europa and said connecting flight agreements with other long-haul carriers could follow. The announcement followed the launch of Ryanair’s connecting flight service via Rome Fiumicino, allowing travellers to book and transfer directly onto connecting Ryanair flights for the first time.