Ryanair has threatened to halt growth if a better deal with Boeing cannot be reached.

In its half-year financial results, Irish budget airline Ryanair has said it may halt its rapid growth if it is unable to secure a better deal for aircraft from Boeing.

Ryanair is currently in discussions with Boeing for an order of 200 aircraft to expand the business between 2013 and 2016.

However, Ryanair has stated that it will not “continue these discussions indefinitely” and if the deal is not completed before the end of the year, the airline will withdraw its order.

Michael O’Leary, Ryanair’s CEO, said: “We see no point in continuing to grow rapidly in a declining yield environment, where our main aircraft partner is unwilling to play its part in our cost reduction programme.”

If a deal cannot be reached, the money will be returned to shareholders.

The warning came as the firm posted an 80% increase in profits in its half-year results, with net profit reaching €387 million (£349m). Ryanair also saw a growth in passenger numbers; rising by 15% to 36.4 million.

Mr O’Leary commented: “Ryanair’s ability to grow both traffic and profits during the half year is a testament to the strength of Ryanair’s lowest far model, and our relentless cost discipline.”

Ryanair’s “cost discipline” has included reducing airport and handling costs as well as freezing pay in this year and the next. The cost-cutting measures have resulted in average fares dropping over the half year by 17% to €39.