Ryanair fares

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OK, how do they do it?  I looked up (haven't booked it yet since I
don't have the exact date) a Ryanair flight from London Luton to
Dublin, and the fare (one way) was GBP0.99.  (Yes, 99 pence.) There are
GBP13.65 in fees and taxes. I had seen stories about fares like that,
but assumed they were one-time-only promotions, but apparently regular
fares on that route are GBP0.99-12.99 with most at 1.99 or 3.99.

What's the catch?  I read the fine print and the baggage allowance is
strict, with only 15kg/pax free, and GBP7.50/kg above that.  And this
is the airline that has dispensed with seat-back pockets, window
shades, and air-sickness bags. But still... how are they making any
money on this?

--
Michael C. Berch
mcb@xxxxxxxxxxxxxx

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