Ryanair Profits Soar After Aer Lingus Bid

Ryanair's Chief Financial Officer Howard Millar told Reuters that he was also very optimistic for the company's prospects next year, saying, "We see very strong growth, we would be confident going into next year. We have lots of plans for next year and we'd be very confident for the summer."

Much will probably depend however on the outcome of the company's hostile takeover bid for Aer Lingus.

At the Fianna Fail Ard Fheis, Taoiseach Bertie Ahern promised that the government would not sell any more of its stake in the airline.

Ryanair is expected to delay the deadline for the bid after the Employee Sharee Ownership Trust (ESOT) launched its own ballot of employee shareholders which runs until the end of the month.

Meanwhile, Aer Lingus Chief Executive Dermot Mannion and Chairman John Sharman held a press conference where Mr. Sharman slammed the offer from their rival: "Faced with a strong, well-capitalised and independent Aer Lingus, Ryanair, our principal short-haul competitor, has reacted in a hostile, anti-competitive manner designed to eliminate a rival at a derisory price."

The board can expect the support of the government (who hold 25.35% of the airline's stock), the airline's pilots and Irish investor Denis O'Brien who has been buying up stock in order to block the bid.

Whether the bid succeeds will ultimately depend on the result of the vote by members of the employee trust.