Goodbody Stockbrokers is positive about Ryanair. The airline has produced a strong set of results in the three months to the end of September, with profits and passenger volumes ahead of expectations.

The broker has since revised its earnings per share forecasts on foot of a trading statement from the company suggesting this will grow by 26 per cent this year and by 21 per cent in 2002 and 2003.

It believes the group's track record and strategic positioning within the European low fares market will continue to drive earnings growth over the next few years. At the same time the huge surge in ticket sales through its website has made a significant reduction in distribution costs.

Goodbody reiterates its buy recommendation and expects the shares to perform in line with its medium-term earnings forecasts.