Shares in budget airline Ryanair Holdings (LSE: RYA) were unmoved this morning, despite the firm revealing full-year profits and forecasts below analysts’ expectations.

Ryanair’s adjusted net income rose by 43% to €1.24bn for the year ending 31 March. This was at the top end of the airline’s own forecasts but lower than those of City analysts, who had pencilled-in a figure of €1.31bn.

The outlook for the current year also fell slightly below expectations. Although low oil prices should be a boon for airlines, they’re also putting pressure on ticket prices as competition forces airlines to cut their prices to reflect the lower cost of fuel. This effect, plus strike action in several European countries, is expected to affect Ryanair’s Q1 results.

The Irish airline said that full-year adjusted net income is expected to rise by 13% to between €1,375m and €1,425m. That’s slightly below consensus forecasts of €1,540m. Ryanair shares now trade on about 11.5 times forecast earnings for the year ahead. That seems enough to me. I don’t expect big gains in the near future.

Will outsourcing profits keep rising?

Outsourcing specialist Mitie Group (LSE: MTO) said today that adjusted earnings per share rose by 0.8% to 25p last year, despite a 1.8% fall in group revenue. The total dividend was increased by 3.4% to 12.1p, giving a yield of 4.4% at current prices.

At a share price of 275p, Mitie appears to be quite attractively priced. The stock trades on a trailing P/E of 11. However, it’s worth remembering that outsourcing businesses like Mitie have low profit margins and can be hit hard by one-off costs from problem contracts.

Last year, Mitie had to write off £46m relating to energy industry customers hit by the downturn in oil and gas. The group warned today that some new projects have been delayed or cancelled until after the EU referendum.

Earnings growth is expected to be about 4.5% this year, putting the shares on a 2016/17 forecast P/E of 10.9. A forecast yield of 4.6% means Mitie could be worth a closer look as an income buy.

Too late to buy Russian gold?

Russian firm Highland Gold Mining (LSE: HGM) has already risen by 67% this year. I’d understand if you thought it was too late to invest in this rebounding gold miner. But I think that further gains may be possible.

Highland Gold issued a trading update this morning, confirming its guidance for gold production of 255,000-265,000 ounces this year. That’s broadly unchanged from last year, but the gold price has risen by 17% to $1,250/oz. so far this year.

Last year’s accounts show that Highland Gold’s all-in sustaining cost of mining is just $640/oz. If gold prices remain at current levels, then free cash flow and profits should rocket higher.

Adjusted earnings are expected to rise from 4 cents to 16 cents per share this year. That’s an increase of 300% and puts the stock on a modest 2016 forecast P/E of 8.6. Further gains are expected in 2017.

In my view, Highland Gold’s recovery isn’t yet complete. I believe the shares could continue to rise.

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Roland Head has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.