DUBLIN, May 20 (Reuters) - Ryanair on Monday

posted a 34% year-on-year increase in annual profit to a record

1.92 billion euros ($2.09 billion), and expressed "cautious

optimism" that peak summer fares would be flat to modestly ahead

of last year.

The result was slightly ahead of the 1.905 billion euros

profit expected in a company poll of analysts. Ryanair cut its

after-tax profit forecast to a range of 1.85 billion and 1.95

billion euros in January after some online travel agents

suddenly stopped selling its flights.

The Irish airline, Europe's largest by passenger numbers,

also said it would be 23 jets short of the number Boeing ( BA )

was due to deliver by the end of July and there remained a risk

- although "unlikely" - that deliveries could slip further.

Chief Financial Officer Neil Sorahan told Reuters the new

Boeing ( BA ) production team in Seattle were delivering planes with "a

bit more consistency" and if things went well it could receive

two or three more jets by the end of July.

Ryanair CEO Michael O'Leary warned two weeks ago that summer

airfares would likely be lower than the 5% to 10% rise it

expected as recently as late April. The airline said on Monday

its weaker forecast was "heavily dependent" on last-minute

summer bookings.

The low-cost carrier flew a record 184 million passengers in

the financial year ended March 31, and reiterated it hoped to

grow traffic to 198 to 200 million passengers this fiscal year,

having already cut that from 205 million in March due to the

aircraft delivery delays.

It also announced a 700 million euro share buyback that it

said it would formally launch later this week.

($1 = 0.9190 euros)