Low cost airline Ryanair shares fell three percent on Monday despite raising its annual passenger growth target to 14 percent.
The Irish company is already Europe’s largest airline by passenger numbers.
Now it says it aims to raise its target from 100 million to 103 three million passengers by introducing lower winter fares to boost growth.
The airline typically cuts fares in the winter, but a fall in fuel prices per passenger of 7 percent and a planned 15 percent capacity increase in the six months to March will increase pressure on rivals.
The share price fall was due to some investors being disappointed that the company didn’t boost its profit guidance for the year after strong summer bookings, but the airline said it was still too early in the year to change it.
Profit for the three months to the end of June, the first quarter of the company’s financial year, was 245 million euros, up 25 percent year on year, and just short of a 249 million forecast in a company poll.