Ryanair raises profit forecast after healthy holiday season

Ryanair shares flew high on Friday (January 10).

As the Irish airline raised its full-year profit forecast after a strong performance over Christmas and New Year.

Europe's largest low-cost operator expects a profit of between 950 million and 1 billion euros for its financial year to the end of March.

That's well up on its previous estimate of 800 to 900 million euros it projected in November.

Ryanair's shares were up 7 per cent on the update.

January to April bookings are better-than-expected and come just a month after Ryanair had to cut its summer capacity.

That was due to Boeing delaying its return of the grounded 737 MAX to the air.

Analysts said Ryanair could be the first sign of recovery in airline sector profits, and helped lift shares in other airlines.

Fellow budget carriers Easyjet jumped 3.4%

While Hungarian rival Wizz Air saw shares jump more than 4%.

Stocks in British-Airways owned IAG were also up 4.5%.