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The airline has been characterised by its rapid expansion, a result of the deregulation of the aviation industry in Europe in 1997 and the success of its low-cost business model.

Ryanair's route network serves 34 countries in Europe, Africa (Morocco), and the Middle East (Israel and Jordan).

After a successful flotation on the Dublin Stock Exchange and the NASDAQ Stock exchanges, the airline launched services to Stockholm, Sandefjord Airport, Torp (110 km south of Oslo), Beauvais–Tillé and Charleroi near Brussels.

Later that year, the airline ordered 155 new 737-800 aircraft from Boeing at what was believed to be a substantial discount, to be delivered over eight years from 2002 to 2010.Similarly, net profits have increased from €48 million to €339 million over the same period.In 1986, the company added a second route–flying Dublin to Luton, thus directly competing with the Aer Lingus/British Airways duopoly for the first time.A loss of €3.3 million in the second quarter of 2004 was the airline's first recorded loss for 15 years but the airline became profitable soon after.The enlargement of the European Union on opened the way to more new routes for Ryanair.The rapid addition of new routes and new bases has enabled growth in passenger numbers and made Ryanair among the largest carriers on European routes.

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