The carrier reported pre-tax profits tumbling to £85 million in the three months to June 30 from £286 million a year earlier.

The Irish low-cost carrier reported a 34% drop in profits after tax to 538 million euros (£457 million) for the three months to the end of June.

Boss Michael O'Leary said fares in the first quarter 'required stimulation' as the war in Iran led to 'consumer hesitancy and later bookings'.