Ryanair has hedged 50 per cent of its fuel requirements for the first quarter of the 2011 fiscal year. The company made the announcement at an investor day in London yesterday.

At the Ryanair agm in Dublin last week, chief executive Michael O’Leary told shareholders the company would save about €460 million on its fuel bill in the current financial year due to recently hedging 90 per cent of its oil costs at $62 a barrel for the fourth quarter.

Ryanair’s fuel costs rose by €466 million last year to €1.257 billion, and accounted for 45 per cent of its operating costs.