Ryanair shareholders gave the go-ahead today for the company to purchase 100 Boeing 737-800 aircraft and an option on 50 other aircraft.
The aircraft have a market value of $5 billion and are to be delivered between December 2002 and December 2008.
Commenting on the approval of the contract at an extraordinary general meeting, Ryanair's chief executive Mr Michael O'Leary said the contract is part of the airline’s long-term strategy.
Yesterday Ryanair reported a record 68 per cent surge in first-quarter profits and forecast further expansion, although it said profits would grow at a slower rate for the rest of the year.