Ryanair posted a slightly better-than-expected rise in full-year profit today.
Europe's biggest low-cost carrier said net profit adjusted to exclude exceptional items rose 12 per cent to €302 million in the year to the end of March.
The profit compared with the company's target for a profit after tax of €295 million.
But Ryanair said it remained cautious about the current business year given that it expects its winter season to be hit by high oil prices, the cost of launching new routes and price competition.
"We expect that profit growth will be more modest in the 5 per cent to 10 per cent range if oil prices remain at $70 a barrel," the company said.
Ryanair, whose previous hedging ran out at the end of March, said it had resumed insuring itself against further rises in oil prices by hedging 90 per cent of its fuel needs from June to October at an average price of $70 a barrel.
The company had said it would not start hedging again until oil fell back below $60 a barrel, but prices have remained stubbornly above that level.