O'Leary cashes in on Ryanair's profits

There were champagne corks popping in Ireland yesterday and it was nothing to do the country's recent success at the World Cup. Ryanair's chief executive, Michael O'Leary, was celebrating a £30m windfall after selling a hefty chunk of his shares and so were the airline's founders, the Ryan family, who also netted a cool £30m. Mr O'Leary and the Ryans each sold 7 million shares, about 1 per cent of the group's equity, at 442p a share.

City brokers persisted yesterday with their praise for the no-frills airline in the wake of Monday's forecast-busting full-year results. Both Credit Suisse First Boston and Schroder Salomon Smith Barney are believed to have upped their earnings forecasts. Analysts predict the tie-up between easyJet and Go will provide a limited obstacle to the Irish airline, which is expected to remain the lowest-fare operator.

The Ryan family and Mr O'Leary rarely miss a chance to cash in on the airline's success. Last November they each sold a more modest 1.8 million shares. Over the past 12 months Ryanair investors have endured a roller-coaster ride, with the stock falling from 350p to a low of 236.25p before soaring to 450p earlier this week. Yesterday the shares closed down 11.5p at 438.5p.