The shareholders of Ryanair, Europe's largest low-cost airline, should be broadly satisfied with the latest financial results. Back in January the company's chief executive, Mr Michael O'Leary, warned that because of intense competition, profits would be lower for the first time in 14 years and forecast a drop of 10 per cent.
In the end, the decline was a more modest five per cent and the airline can point to an increase of nearly 50 per cent in passenger numbers to 23 million.
The greater competition - there are now 15 low-cost airlines based in the EU - makes the company cautious about growth prospects for the coming year and Mr O'Leary forecasts that passenger growth will fall to some 20 per cent. Much will depend on whether the low-cost "bloodbath" which Mr O'Leary anticipates will materialise. Certainly, some new entrants may be tempted to offer giveaway prices in a bid to win market share.
Ryanair, however, is by far the most profitable and cash-rich of the low-cost airlines. While Ireland and the UK have been fully exploited by the low-cost sector, there is much potential on the continent, particularly in Germany, and Ryanair's cost advantage should deliver significant market share.
There can be no doubting Mr O'Leary's determination to maintain Ryanair's position as Europe's most profitable airline; his competitiveness is second to none. Perceived obstacles to Ryanair growth are given the full treatment. Aer Rianta, because of its monopoly position, is a favourite target and the Taoiseach, Mr Ahern, was the brunt of criticism this week because the Government has not delivered a second terminal at Dublin Airport and one which is independent of Aer Rianta.
Mr O'Leary is correct when he says that Dublin Airport has not achieved anything like the passenger growth enjoyed by airports such as Stansted or Luton although it is arguable that the proximity of London is a greater attraction to airlines than Dublin. Aer Rianta certainly has a job to do on efficiency and it may well be preferable that the second terminal is independent of it. Furthermore, it is indisputable that the Government has dragged its heels on the issue.
The reality is that Mr O'Leary's combative style has been less successful in delivering the goods in Dublin than it has been in advancing Ryanair's case with the European Commission in Brussels. Likewise, it is debatable whether his aggressive approach continues to be as effective in securing the company's strategic objectives as it is in perpetuating his image as a champion of business unorthodoxy.