Budget airline Ryanair has said that it may reverse its aggressive growth plans and return more cash to shareholders if it fails to reach agreement with supplier Boeing.

The Ireland-based airline is currently in discussions with the US firm over an order for 200 new planes between 2013 and 2016, but said that it will pull out if Boeing does not "play its part in our cost reduction programme".

Ryanair's announcement comes as it reported an 80 per cent increase in profits for the half year ending 30 September 2009. However, the airline said that the results had been "distorted" due to a 42 per cent decline in fuel costs during the period.

The company also said that the continuing decrease in the average cost of fares heading into the third and fourth quarters will incur a loss when compared with the same period last year, although it remains confident that full-year profits will exceed €200m (£180.6m, US$295.9m).

Michael O'Leary, Ryanair's chief executive officer, said: "We would prefer to grow, but if Boeing doesn't share our vision, then I believe that Ryanair should change course before the end of this fiscal year and manage the airline over the next three years to maximise cash for distribution to shareholders.

"While this winter will be a difficult one for the European airline industry, Ryanair will continue to grow traffic, market share and profits. We have the strongest balance sheet in the European airline industry and we continue to negotiate significant cost reductions with airports and handling companies who are keen to share in our growth."