The low-cost carrier saw operating profit increase to €306.8 million for the three months to June 30, compared with a profit of €288.4 million during the same quarter last year.

Over the same period, Ryanair’s revenue rose by 2% from €1.65 billion last year to €1.69 billion, as passenger numbers went up by 11% to 31.2 million passengers.

Ryanair chief executive Michael O’Leary said that load factor during the quarter improved by two percentage points to 94%, as average fares fell by 10% to just under €40.

The airline also benefited from lower fuel costs – falling by €42 million or 7% to €518 million for the quarter.

O’Leary again expressed the airline’s disappointment at the vote by the UK to leave the European Union, and confirmed Ryanair would “pivot” future growth away from the UK to EU airports over the next two years.

“In the near term, we expect that Brexit uncertainty will lead to weaker sterling, slower growth in the UK and EU economies and downward pressure on fares until the end of 2017 at least,” added O’Leary.

“This winter we will cut capacity and frequency on many Stansted routes (although no routes will close) where we are already significantly ahead of our multi-year traffic growth targets.”

Ryanair said it expected its full-year profit for the current financial year to rise by around 12% to between €1.375 billion and €1.425 billion.

But O’Leary added that following the Brexit vote, there were “significant risks to the downside during the remainder of the year”.