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Ryanair's O'Leary hits out after being reported to police

Ryanair CEO Michael O'Leary has responded to criticism over a special low fare deal being offered by the airline which is reportedly being investigated by London's Metropolitan Police.

Ryanair has been offering a "Brexit special" low fares deal for British citizens to "fly home to remain" in the European Union and vote in the referendum on June 23. The deal has been lambasted by the "Vote Leave" campaign and an official complaint has been made to the police commissioner.

"It goes to show just how bizarrely incompetent the 'leave' campaign are. We launched a huge seat sale for British citizens to come back to the U.K. ... 'Come home and vote Remain,' of course, there's nothing stopping the people who want to vote leave coming home either," explained O'Leary to CNBC Monday.

A spokesperson for the Metropolitan Police told CNBC via telephone that the contents of the complaint is being considered and the police force will respond "in due course."

O'Leary - a staunch supporter of the U.K.'s "remain" campaign - told CNBC that he believes the U.K. will face "a recession of one or two years, if we leave. The way we reform (the EU) is stay in and reform, not leave."

His comments come as the budget carrier said on Monday it plans to cut fares by 7 percent on average this fiscal year to bolster its market share as intensifying competition hits Europe's airline business.

The Irish airline, Europe's largest by passenger numbers, outlined the fares cuts at it reported net profit of 1.24 billion euros ($1.39 billion) for the year ended March 2016, just short of a forecast of 1.25 billion euros compiled in a company poll of analysts' estimates.

Last yeat's net profit was 43 percent more than the 867 million euros reported for the year to March 2015.

Ryanair said in a statement it "cautiously" expected net profit to increase by approximately 13 percent in the year to March 2017, to between 1.38 billion euros and 1.43 billion euros, less than the consensus of 1.47 billion in a poll of over 10 analysts compiled by the company ahead of the results.

"The strategy is to continue to grow... we intend to grow in most markets, we do so by lowering most fares," O'Leary told CNBC on Monday.

He added that the air carrier carried 106 million passengers last year.

O'Leary also told CNBC that tragic events such as the EgyptAir crash last week impact bookings "extraordinarily for two to three days. "The impact is not on traffic, it's on yields and fares," he added.

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