Ryanair has revealed it dived into the red by £145.9 million in the year to March.

The low-cost airline blamed a 59 per cent hike in its fuel bill.

The loss compares with a profit of £336.8 million the previous year.

It comes after Ryanair faced record oil prices and a hefty writedown on the value of its investment in rival Irish carrier Aer Lingus.

But Ryanair said it hoped to see a recovery in the current year, forecasting after tax profits to "at least double" thanks to expected lower fuel costs.

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