Ryanair’s chief operating officer and deputy chief executive Michael Cawley made a €900,000 profit yesterday from exercising share options and immediately selling one million shares in the airline.

Mr Cawley spent just more than €2.8 million exercising one million options at prices ranging from €2.205 up to €2.825.

He then sold the stock at €3.70 a share, earning €3.7 million in the process.

This netted him a profit of €900,000.

Following these transactions, Mr Cawley, who joined the low-cost carrier in 1997, continues to hold 240,588 shares in Ryanair.

With the airline’s shares closing yesterday in Dublin of €3.72, this values his holding at just under €895,000.

Details of his transactions were released to the Irish Stock Exchange yesterday.