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 1.91 billion euros

profit expected by analysts.

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

that deliveries could slip further.

($1 = 0.9190 euros)