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European Airline Ryanair saw shares gain more than 6 percent Tuesday after the company announced increases revenues, customers and earnings for its first quarter, despite Brexit worries.
The airline reported an 11 percent spike in customers, a 2 percent revenue increase and a 12 percent jump in earnings per share.
A Ryanair release described the U.K.'s vote to exit the European Union "a surprise and a disappointment."
"We expect this result will lead to a considerable period of political and economic uncertainty in both the UK and the EU. This uncertainty will be damaging to economic growth and consumer confidence and we will respond as always with our load factor active/yield passive strategy," the company said in a press release. "Until some clarity emerges over the next two years about the UK's long term political and economic relationships with the EU, we will be unable to predict what effect it will have on our business and regulatory environment."
Ryanair expects Brexit to lead to weaker sterling, slower growth in the U.K. and E.U. economies, and pressures to lower fares. The company also noted that Brexit could affect its U.K. registered competitors if they are not permitted to fly intra EU routes.
Ryanair's shares have sunk 22 percent year to date.
Ryanair's year-to-date performance: