Profits at low-cost airline Ryanair rose 45 per cent before tax to €78.86 million (£62.01 million) in the six months to September 30th from €54.45 million.

Revenues at the budget airline rose 37 per cent to €265.9 million from €194.5 million following the introduction of 10 new routes. Passenger numbers were up 33 per cent on the year-ago period to 3.85 million. The strong performance was signalled to the stock market and investment analysts two weeks ago. But Ryanair said earnings were "somewhat artificially enhanced" by sterling's strength against the euro, and a fuel hedging strategy which protected it from rising oil prices.

About 60 per cent of revenues are generated in sterling, 18 per cent from the Republic and 20 per cent in other euro-zone states.

The company's finance director, Mr Howard Millar, said its fuel costs were 80 per cent hedged until its first half in 2002.

At a briefing in London, the company's chief executive, Mr Michael O'Leary, said sterling would weaken and fuel prices rise in the medium term. This would have a "somewhat negative impact" on costs and revenues.

He said an aggressive depreciation strategy would continue on its current aircraft. Ryanair expects to take delivery of five new aircraft in December.

In Dublin, the airline's commercial director and chief financial officer, Mr Michael Cawley, said sales generated online rose to 60 per cent last month from 9 per cent a year earlier following the introduction of the dedicated site, Ryanair.com. He expected online sales to rise to 70 per cent of the total by the end of its financial year.

Sales generated at travel agents made up 9 per cent of the total in October, down from 60 per cent in 1999. About 31 per cent of bookings were generated from its direct telephone sales system in October - down from 33 per cent a year earlier.

Use of the website boosted profits. According to Mr Cawley, travel agent sales take 10-11 per cent from the bottom line while Internet sales cost 0.10-0.11 per cent.

Mr Cawley said Ryanair was in discussions with 20 airports about the possibility of opening new routes. He indicated the airline wanted to generate future growth outside its hub at Stansted Airport in London, saying it would be "unwise" for the company to base 70 per cent of its business at a single airport.

Ryanair would not generate further growth from the three Aer Rianta airports at Dublin, Shannon and Cork, until the State-owned company's "crazy monopoly" was broken, he said. "Aer Rianta is the last dinosaur and it needs to be sorted out."

While Aer Rianta's landing fees were rising, other airport operators paid Ryanair to use their facilities.

Ryanair would not be interested in buying British Airway's subsidiary, Go. It would be interested in running Go - but only if BA paid it £100 million to do so.