Shares in Ryanair have risen by 74% this year.

Ryanair, the low cost Irish airline has announced positive financial results with quarterly profits ring by 25%.

The airline along side this news has also stated that it plans to expand its European presence and expects their full-year results to be at the top end of the €940m to €970m net profit range. The three months to June have seen pre-tax profits up from last year’s €197m to €245m and passenger numbers are up by 16%.

Ryanair puts its recent success down to its new customer experience programme “Always Getting Better”. Saying that this new method has brought millions of new customers to the airline whilst the low oil prices have reduced operating costs.

However Ryanair has stated that despite the positive outlook on its profits so far this year, end of year results are heavily reliant on the “final outturn of H2 fares which we currently have almost zero visibility”.

At the beginning of this month International Airlines Group (IAG) offered Ryanair €1.3bn (£940m) for its 29.8% stake in Aer Lingus. IAG also offered a cash payment of €2.50 per Aer Lingus share, plus a cash dividend of €0.05 per share. The board accepted the deal on the basis that the offer from IAG would “maximise shareholder value”.

Ryanair has also announced its plans to open its sixth German base this year in Berlin Schonefeld which will further establish its footprint in the country where it already has an impressive 5% share in the market.