Ryanair profits rose 42% to €2.54bn (US$2.92bn) in the six months to the end of September, the Irish airline said on 2 November, after a record performance in its second quarter.

Michael O’Leary, Ryanair Group CEO, said a reluctance to holiday in the US has contributed to its success.

As reported by the Financial Times, he said: “Transatlantic traffic, which is pricing up aggressively, has been very muted during the summer and more and more families are staying home and holidaying in Europe.”

He also predicted a weakening UK economy would help the company, as British families become more cost-conscious and Ryanair grows “more price sensitive”.

Passenger numbers rose 3% to 119 million over the same period and revenues increased 13% to €9.82 billion (US$11.28bn).